Innoviva (NASDAQ:INVA) Shares Pass Above 200-Day Moving Average – Here’s What Happened

Innoviva, Inc. (NASDAQ:INVA) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $21.82 and traded as high as $22.86. Innoviva shares last traded at $22.64, with a volume of 588,385 shares trading hands.

Analyst Ratings Changes

A number of brokerages recently commented on INVA. HC Wainwright reissued a “buy” rating and issued a $46.00 price objective on shares of Innoviva in a research note on Monday, June 1st. BTIG Research reaffirmed a “buy” rating and set a $42.00 target price on shares of Innoviva in a research report on Tuesday, May 26th. Weiss Ratings reiterated a “buy (b)” rating on shares of Innoviva in a report on Friday, March 27th. Finally, Wall Street Zen raised Innoviva from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $36.20.

Innoviva Stock Up 0.1%

The company has a market capitalization of $1.67 billion, a price-to-earnings ratio of 3.77 and a beta of 0.35. The company has a debt-to-equity ratio of 0.19, a quick ratio of 20.07 and a current ratio of 21.13. The business’s 50 day moving average is $22.82 and its 200 day moving average is $21.82.

Innoviva (NASDAQ:INVA) last issued its quarterly earnings results on Wednesday, May 6th. The biotechnology company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.01. The business had revenue of $97.99 million for the quarter, compared to analyst estimates of $101.57 million. Innoviva had a net margin of 119.89% and a return on equity of 33.33%. Sell-side analysts anticipate that Innoviva, Inc. will post 2.23 earnings per share for the current year.

Hedge Funds Weigh In On Innoviva

Several hedge funds have recently made changes to their positions in the company. Parallel Advisors LLC lifted its position in Innoviva by 82.8% during the 1st quarter. Parallel Advisors LLC now owns 1,179 shares of the biotechnology company’s stock worth $27,000 after acquiring an additional 534 shares during the period. EverSource Wealth Advisors LLC increased its holdings in shares of Innoviva by 297.7% in the second quarter. EverSource Wealth Advisors LLC now owns 2,398 shares of the biotechnology company’s stock valued at $48,000 after purchasing an additional 1,795 shares during the period. Danske Bank A S acquired a new position in shares of Innoviva in the third quarter valued at about $55,000. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Innoviva by 49.1% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,633 shares of the biotechnology company’s stock worth $73,000 after purchasing an additional 1,197 shares during the last quarter. Finally, Lazard Asset Management LLC purchased a new position in shares of Innoviva in the second quarter worth about $92,000. 99.12% of the stock is owned by institutional investors and hedge funds.

About Innoviva

Innoviva, Inc, incorporated in Delaware and headquartered in San Francisco, California, is a royalty-focused life sciences company. It acquires, manages and monetizes royalty and license interests in biopharmaceutical products, with a primary emphasis on inhaled respiratory therapies. Innoviva’s portfolio is anchored by royalties on therapies originally developed by its former affiliate, now marketed by GlaxoSmithKline, including several long-acting inhaled products approved for chronic obstructive pulmonary disease (COPD) and asthma.

The company was established through a spin‐out transaction in 2014, separating the royalty assets from a research‐based biopharmaceutical enterprise to create a specialized investment vehicle.