Innoviva (NASDAQ:INVA) Shares Gap Down - What's Next?

Key Points

• Innoviva's stock gapped down to $18.39 at market opening, having closed the previous day at $19.03, and last traded at $18.17 with a trading volume of 85,417 shares.
• Analysts' ratings for Innoviva are mixed, with a consensus rating of "Moderate Buy" and an average price target of $37.60, influenced by reports from Goldman Sachs, Cantor Fitzgerald, and others.
• Despite the recent decrease in stock price, Innoviva reported strong earnings of $0.77 per share in its last quarter, exceeding estimates by $0.20 and generating revenue of $100.28 million.

Innoviva, Inc. (NASDAQ:INVA - Get Free Report) shares gapped down prior to trading on Tuesday . The stock had previously closed at $19.03, but opened at $18.39. Innoviva shares last traded at $18.17, with a volume of 85,417 shares trading hands.

Wall Street Analysts Forecast Growth

INVA has been the subject of several research analyst reports. The Goldman Sachs Group initiated coverage on Innoviva in a research report on Tuesday. They issued a "sell" rating and a $17.00 price objective for the company. Cantor Fitzgerald started coverage on Innoviva in a research report on Friday, July 11th. They set an "overweight" rating and a $26.00 price target for the company. HC Wainwright upped their price target on Innoviva from $40.00 to $45.00 and gave the stock a "buy" rating in a research report on Monday, August 11th. Oppenheimer started coverage on Innoviva in a research report on Monday, August 11th. They set an "outperform" rating and a $45.00 price target for the company. Finally, Wall Street Zen raised Innoviva from a "buy" rating to a "strong-buy" rating in a research report on Sunday, September 21st. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $37.60.

Innoviva Stock Down 5.2%

The company has a debt-to-equity ratio of 0.36, a current ratio of 2.64 and a quick ratio of 2.44. The company has a market capitalization of $1.14 billion, a P/E ratio of 58.21 and a beta of 0.47. The stock has a 50-day moving average price of $19.56 and a 200-day moving average price of $19.21.

Innoviva (NASDAQ:INVA - Get Free Report) last issued its earnings results on Wednesday, August 6th. The biotechnology company reported $0.77 earnings per share for the quarter, topping analysts' consensus estimates of $0.57 by $0.20. The business 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, research analysts predict that Innoviva, Inc. will post 0.33 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC purchased a new position in shares of Innoviva during the first quarter valued at approximately $737,000. Principal Financial Group Inc. boosted its position in shares of Innoviva by 2.6% during the first quarter. Principal Financial Group Inc. now owns 305,476 shares of the biotechnology company's stock valued at $5,538,000 after buying an additional 7,700 shares during the last quarter. Farther Finance Advisors LLC boosted its position in shares of Innoviva by 10.3% during the first 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 during the last quarter. US Bancorp DE boosted its position in Innoviva by 356.0% in the first quarter. US Bancorp DE now owns 12,753 shares of the biotechnology company's stock worth $231,000 after purchasing an additional 9,956 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Innoviva by 6.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 140,324 shares of the biotechnology company's stock worth $2,435,000 after purchasing an additional 8,875 shares during the period. Hedge funds and other institutional investors 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.

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