Innoviva (NASDAQ:INVA) Hits New 1-Year High - Time to Buy?

Innoviva, Inc. (NASDAQ:INVA - Get Free Report) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $22.00 and last traded at $21.95, with a volume of 253699 shares. The stock had previously closed at $21.69.

Wall Street Analyst Weigh In

Several research firms recently commented on INVA. Wall Street Zen upgraded shares of Innoviva from a "hold" rating to a "buy" rating in a research report on Wednesday, April 30th. Scotiabank started coverage on shares of Innoviva in a research note on Friday, March 7th. They set a "sector outperform" rating and a $55.00 target price on the stock.

Innoviva Trading Up 0.1%

The firm has a market capitalization of $1.35 billion, a price-to-earnings ratio of -21.25 and a beta of 0.37. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.30 and a current ratio of 2.48. The company has a 50 day moving average price of $19.33 and a two-hundred day moving average price of $18.43.

Innoviva (NASDAQ:INVA - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The biotechnology company reported $0.25 earnings per share for the quarter. Innoviva had a negative net margin of 16.15% and a positive return on equity of 15.77%. The firm had revenue of $88.63 million for the quarter. On average, research analysts forecast that Innoviva, Inc. will post 0.33 EPS for the current year.

Institutional Investors Weigh In On Innoviva

A number of hedge funds have recently modified their holdings of the business. Martingale Asset Management L P boosted its position in Innoviva by 0.7% during the first quarter. Martingale Asset Management L P now owns 78,412 shares of the biotechnology company's stock worth $1,422,000 after acquiring an additional 570 shares during the last quarter. BOKF NA lifted its stake in Innoviva by 2.3% in the 4th quarter. BOKF NA now owns 28,648 shares of the biotechnology company's stock worth $495,000 after purchasing an additional 641 shares in the last quarter. Illinois Municipal Retirement Fund boosted its holdings in shares of Innoviva by 2.8% during the 4th quarter. Illinois Municipal Retirement Fund now owns 29,066 shares of the biotechnology company's stock worth $504,000 after purchasing an additional 784 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of Innoviva by 10.3% during the 1st quarter. Farther Finance Advisors LLC now owns 8,516 shares of the biotechnology company's stock worth $153,000 after purchasing an additional 795 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Innoviva by 3.8% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 31,490 shares of the biotechnology company's stock valued at $546,000 after purchasing an additional 1,162 shares in the last quarter. 99.12% of the stock is currently owned by institutional investors and hedge funds.

About Innoviva

Innoviva, Inc engages in the development and commercialization of pharmaceutical products in the United States and internationally. The company's products include RELVAR/BREO ELLIPTA, a once-daily combination medicine consisting of a LABA, vilanterol (VI), an inhaled corticosteroid (ICS), and fluticasone furoate; ANORO ELLIPTA, a once-daily medicine combining a long-acting muscarinic antagonist (LAMA) and umeclidinium bromide (UMEC) with a LABA, VI; GIAPREZA (angiotensin II), a vasoconstrictor to increase blood pressure in adults with septic or other distributive shock; XERAVA (eravacycline) for the treatment of complicated intra-abdominal infections in adults; and XACDURO, a beta lactamase inhibitor for the treatment of hospital-acquired bacterial pneumonia and ventilator-associated bacterial pneumonia.