Innoviva (NASDAQ:INVA) Shares Gap Up - Still a Buy?

Key Points

• Innoviva shares gapped up from a previous closing price of $18.94 to $19.37, but later traded at $18.95 with a volume of 21,185 shares.
• Analysts have recently upgraded Innoviva's rating to a "strong buy", with price targets ranging from $26.00 to $45.00, contributing to a consensus rating of "Buy" and an average target price of $42.75.
• The company reported earnings per share of $0.77 for the last quarter, exceeding the consensus estimate of $0.57, along with revenue of $100.28 million compared to analyst expectations of $87.10 million.

Innoviva, Inc. (NASDAQ:INVA - Get Free Report) gapped up prior to trading on Thursday . The stock had previously closed at $18.94, but opened at $19.37. Innoviva shares last traded at $18.95, with a volume of 21,185 shares traded.

Analyst Upgrades and Downgrades

INVA has been the topic of several recent analyst reports. Wall Street Zen raised Innoviva from a "buy" rating to a "strong-buy" rating in a research report on Sunday. Oppenheimer initiated coverage on Innoviva in a research report on Monday, August 11th. They issued an "outperform" rating and a $45.00 price target on the stock. Cantor Fitzgerald initiated coverage on Innoviva in a research report on Friday, July 11th. They issued an "overweight" rating and a $26.00 price target on the stock. Finally, HC Wainwright lifted 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. Four equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $42.75.

Innoviva Price Performance

The company has a market cap of $1.17 billion, a price-to-earnings ratio of 60.00 and a beta of 0.47. The company has a fifty day moving average price of $19.61 and a two-hundred day moving average price of $19.16. The company has a current ratio of 2.64, a quick ratio of 2.44 and a debt-to-equity ratio of 0.36.

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

Institutional Trading of Innoviva

Several institutional investors have recently modified their holdings of the company. Martingale Asset Management L P grew its stake in Innoviva by 0.7% in the first quarter. Martingale Asset Management L P now owns 78,412 shares of the biotechnology company's stock valued at $1,422,000 after acquiring an additional 570 shares during the period. Bank of Montreal Can grew its stake in Innoviva by 4.2% in the second quarter. Bank of Montreal Can now owns 18,853 shares of the biotechnology company's stock valued at $379,000 after acquiring an additional 767 shares during the period. Farther Finance Advisors LLC grew its stake in Innoviva by 10.3% in the first quarter. Farther Finance Advisors LLC now owns 8,516 shares of the biotechnology company's stock valued at $153,000 after acquiring an additional 795 shares during the period. Teacher Retirement System of Texas grew its stake in Innoviva by 5.9% in the second quarter. Teacher Retirement System of Texas now owns 16,053 shares of the biotechnology company's stock valued at $323,000 after acquiring an additional 889 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in Innoviva by 7.6% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 14,183 shares of the biotechnology company's stock valued at $285,000 after acquiring an additional 1,000 shares during the period. 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.

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