Innoviva (NASDAQ:INVA) Reaches New 1-Year Low - Here's What Happened

Key Points

• Innoviva, Inc. experienced a significant drop in its stock price, reaching a new 52-week low of $16.65, down from a previous close of $16.94.
• Despite the recent decline, Wall Street analysts have mixed opinions, with ratings from "strong-buy" to "sell" and an average target price of $37.60.
• The biotechnology company reported better-than-expected earnings, with an earnings per share (EPS) of $0.77, surpassing estimates by $0.20.

Innoviva, Inc. (NASDAQ:INVA - Get Free Report)'s stock price hit a new 52-week low on Tuesday . The stock traded as low as $16.65 and last traded at $16.67, with a volume of 78411 shares. The stock had previously closed at $16.94.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Wall Street Zen cut shares of Innoviva from a "strong-buy" rating to a "buy" rating in a research note on Friday, October 3rd. Cantor Fitzgerald started coverage on shares of Innoviva in a research note on Friday, July 11th. They set an "overweight" rating and a $26.00 target price on the stock. HC Wainwright lifted their price objective on shares of Innoviva from $40.00 to $45.00 and gave the company a "buy" rating in a research report on Monday, August 11th. Zacks Research upgraded shares of Innoviva from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, October 8th. Finally, Oppenheimer started coverage on shares of Innoviva in a research report on Monday, August 11th. They set an "outperform" rating and a $45.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Innoviva currently has an average rating of "Moderate Buy" and an average price target of $37.60.

Innoviva Stock Performance

The firm has a market capitalization of $1.05 billion, a P/E ratio of 53.63 and a beta of 0.40. The firm has a 50-day moving average price of $19.32 and a two-hundred day moving average price of $19.22. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.64 and a quick ratio of 2.44.

Innoviva (NASDAQ:INVA - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The biotechnology company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.20. The firm had revenue of $100.28 million during the quarter, compared to the consensus estimate of $87.10 million. Innoviva had a return on equity of 18.67% and a net margin of 10.44%. On average, analysts forecast that Innoviva, Inc. will post 0.33 EPS for the current fiscal year.

Hedge Funds Weigh In On Innoviva

Large investors have recently added to or reduced their stakes in the company. Parallel Advisors LLC raised its holdings in Innoviva by 157.5% in the second quarter. Parallel Advisors LLC now owns 1,849 shares of the biotechnology company's stock worth $37,000 after purchasing an additional 1,131 shares in the last quarter. Elevation Point Wealth Partners LLC purchased a new stake in shares of Innoviva during the second quarter worth about $43,000. EverSource Wealth Advisors LLC grew its stake in shares of Innoviva by 297.7% during the second quarter. EverSource Wealth Advisors LLC now owns 2,398 shares of the biotechnology company's stock worth $48,000 after acquiring an additional 1,795 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in Innoviva in the first quarter valued at approximately $56,000. Finally, Toth Financial Advisory Corp purchased a new stake in Innoviva in the third quarter valued at approximately $63,000. 99.12% of the stock is currently owned by institutional investors.

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.

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