Innoviva (NASDAQ:INVA) Reaches New 1-Year High - Should You Buy?

Innoviva, Inc. (NASDAQ:INVA - Get Free Report)'s share price reached a new 52-week high on Friday . The stock traded as high as $21.60 and last traded at $21.51, with a volume of 300622 shares changing hands. The stock had previously closed at $21.17.

Wall Street Analysts Forecast Growth

INVA has been the subject of several recent research reports. Wall Street Zen raised Innoviva from a "hold" rating to a "buy" rating in a research report on Wednesday, April 30th. Scotiabank began coverage on Innoviva in a research report on Friday, March 7th. They set a "sector outperform" rating and a $55.00 price objective for the company.

Innoviva Price Performance

The company's fifty day moving average is $18.68 and its 200 day moving average is $18.29. The company has a quick ratio of 1.64, a current ratio of 1.79 and a debt-to-equity ratio of 0.38. The firm has a market cap of $1.35 billion, a price-to-earnings ratio of 31.28 and a beta of 0.37.

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

Hedge Funds Weigh In On Innoviva

Several hedge funds and other institutional investors have recently added to or reduced their stakes in INVA. Caitong International Asset Management Co. Ltd acquired a new position in Innoviva in the 1st quarter valued at $56,000. KBC Group NV raised its holdings in Innoviva by 73.9% in the 4th quarter. KBC Group NV now owns 4,100 shares of the biotechnology company's stock valued at $71,000 after acquiring an additional 1,743 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings in Innoviva by 75.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 4,962 shares of the biotechnology company's stock valued at $86,000 after acquiring an additional 2,128 shares in the last quarter. Farther Finance Advisors LLC raised its position in shares of Innoviva by 10.3% in the 1st quarter. Farther Finance Advisors LLC now owns 8,516 shares of the biotechnology company's stock valued at $153,000 after buying an additional 795 shares in the last quarter. Finally, New Age Alpha Advisors LLC acquired a new position in shares of Innoviva in the 4th quarter valued at approximately $176,000. 99.12% of the stock is 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.