Innoviva (NASDAQ:INVA) Trading 5.4% Higher - Should You Buy?

Key Points

• Innoviva's stock experienced a 5.4% increase during mid-day trading, reaching a high of $18.79, up from a previous close of $17.40.
• Analysts have mixed views on Innoviva, with one rating it a Strong Buy and others giving it a range from "Buy" to "Sell"; the consensus target price is $37.60.
• Innoviva reported better-than-expected quarterly earnings, with an EPS of $0.77, surpassing analyst estimates of $0.57, and revenues of $100.28 million compared to expectations of $87.10 million.

Shares of Innoviva, Inc. (NASDAQ:INVA - Get Free Report) traded up 5.4% during mid-day trading on Wednesday . The stock traded as high as $18.79 and last traded at $18.35. 963,243 shares traded hands during trading, an increase of 20% from the average session volume of 804,559 shares. The stock had previously closed at $17.40.

Wall Street Analysts Forecast Growth

INVA has been the subject of several analyst reports. The Goldman Sachs Group initiated coverage on shares of Innoviva in a report on Tuesday, September 30th. They issued a "sell" rating and a $17.00 price objective for the company. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Innoviva in a report on Wednesday, October 8th. Zacks Research raised shares of Innoviva from a "hold" rating to a "strong-buy" rating in a report on Wednesday, October 8th. Oppenheimer assumed coverage on shares of Innoviva in a report on Monday, August 11th. They issued an "outperform" rating and a $45.00 price objective for the company. Finally, HC Wainwright raised their price target on shares of Innoviva from $40.00 to $45.00 and gave the company a "buy" rating in a report on Monday, August 11th. One 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 assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $37.60.

Innoviva Price Performance

The business's 50-day simple moving average is $19.12 and its 200-day simple moving average is $19.18. The stock has a market cap of $1.16 billion, a PE ratio of 59.20 and a beta of 0.40. The company has a quick ratio of 2.44, a current ratio of 2.64 and a debt-to-equity ratio of 0.36.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.57 by $0.20. Innoviva had a net margin of 10.44% and a return on equity of 18.67%. The firm had revenue of $100.28 million for the quarter, compared to analysts' expectations of $87.10 million. On average, research analysts expect that Innoviva, Inc. will post 0.33 EPS for the current fiscal year.

Hedge Funds Weigh In On Innoviva

Several hedge funds and other institutional investors have recently modified their holdings of INVA. Parallel Advisors LLC increased its position in shares of Innoviva by 157.5% during the second quarter. Parallel Advisors LLC now owns 1,849 shares of the biotechnology company's stock valued at $37,000 after buying an additional 1,131 shares during the period. Elevation Point Wealth Partners LLC bought a new stake in Innoviva during the second quarter worth about $43,000. EverSource Wealth Advisors LLC boosted its stake in 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 in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in Innoviva during the first quarter worth about $56,000. Finally, Asset Management One Co. Ltd. bought a new stake in Innoviva during the third quarter worth about $60,000. Hedge funds and other institutional investors own 99.12% of the company's stock.

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.

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