Innoviva (NASDAQ:INVA) Hits New 12-Month High - Here's Why

Innoviva, Inc. (NASDAQ:INVA - Get Free Report)'s share price 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 trading hands. The stock had previously closed at $21.69.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on INVA shares. Wall Street Zen raised Innoviva from a "hold" rating to a "buy" rating in a research report on Wednesday, April 30th. Scotiabank started coverage on Innoviva in a report on Friday, March 7th. They set a "sector outperform" rating and a $55.00 target price on the stock.

Innoviva Trading Down 1.7%

The firm's fifty day simple moving average is $19.08 and its 200 day simple moving average is $18.38. The stock has a market capitalization of $1.35 billion, a P/E ratio of 31.07 and a beta of 0.37. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.64 and a current ratio of 1.79.

Innoviva (NASDAQ:INVA - Get Free Report) last issued its earnings results on Wednesday, May 7th. The biotechnology company reported $0.25 earnings per share for the quarter. Innoviva had a return on equity of 20.84% and a net margin of 18.31%. The firm had revenue of $88.63 million for the quarter. As a group, equities research analysts forecast that Innoviva, Inc. will post 0.33 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of INVA. Millennium Management LLC grew its holdings in shares of Innoviva by 318.4% during the 1st quarter. Millennium Management LLC now owns 1,676,057 shares of the biotechnology company's stock valued at $30,387,000 after purchasing an additional 1,275,444 shares during the last quarter. Nuveen LLC bought a new stake in shares of Innoviva during the first quarter worth $7,307,000. American Century Companies Inc. increased its holdings in shares of Innoviva by 35.2% during the fourth quarter. American Century Companies Inc. now owns 1,424,315 shares of the biotechnology company's stock worth $24,712,000 after buying an additional 370,795 shares in the last quarter. Cubist Systematic Strategies LLC lifted its stake in shares of Innoviva by 3,422.1% in the 1st quarter. Cubist Systematic Strategies LLC now owns 373,770 shares of the biotechnology company's stock valued at $6,776,000 after acquiring an additional 363,158 shares during the last quarter. Finally, Hsbc Holdings PLC acquired a new stake in shares of Innoviva during the 4th quarter valued at $5,437,000. Institutional investors and hedge funds own 99.12% of the company's stock.

Innoviva Company Profile

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.