Innoviva (NASDAQ:INVA) Stock Price Crosses Above Fifty Day Moving Average - Should You Sell?

Key Points

• Innoviva shares moved above their 50-day moving average, reaching $21.15 and last trading at $21.12, compared with a 50-day average of $20.99.
• Analysts maintain a cautiously positive outlook: four rate the stock Buy and two rate it Hold, producing a consensus “Moderate Buy” rating and an average price target of $39.25.
• Institutional ownership is substantial, with hedge funds and other institutions holding 99.12% of shares; major recent buyers included BlackRock, Bank of America and Deutsche Bank.

Shares of Innoviva, Inc. (NASDAQ:INVA - Get Free Report) crossed above its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $20.99 and traded as high as $21.15. Innoviva shares last traded at $21.12, with a volume of 585,272 shares trading hands.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Cantor Fitzgerald cut their price objective on shares of Innoviva from $36.00 to $34.00 and set an "overweight" rating on the stock in a report on Friday, August 7th. Zacks Research upgraded shares of Innoviva from a "strong sell" rating to a "hold" rating in a report on Monday, August 31st. Weiss Ratings downgraded shares of Innoviva from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, September 24th. Wall Street Zen lowered shares of Innoviva from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. Finally, Oppenheimer began coverage on shares of Innoviva in a report on Wednesday, September 23rd. They set an "outperform" rating and a $35.00 price target on the stock. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $39.25.

Innoviva Price Performance

The company has a debt-to-equity ratio of 0.21, a quick ratio of 15.18 and a current ratio of 16.01. The company has a market cap of $1.53 billion, a P/E ratio of 5.15, a P/E/G ratio of 2.98 and a beta of 0.38. The firm has a 50 day moving average price of $20.99 and a two-hundred day moving average price of $21.84.

Hedge Funds Weigh In On Innoviva

Hedge funds have recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in shares of Innoviva during the second quarter valued at about $77,562,000. Dimensional Fund Advisors LP raised its position in Innoviva by 1.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,436,427 shares of the biotechnology company's stock worth $103,366,000 after purchasing an additional 76,026 shares during the period. Bank of America Corp DE purchased a new position in shares of Innoviva in the second quarter worth about $37,873,000. Deutsche Bank AG purchased a new position in Innoviva in the 2nd quarter worth approximately $20,847,000. Finally, William Blair Investment Management LLC purchased a new position in Innoviva in the 2nd quarter worth approximately $14,584,000. 99.12% of the stock is currently owned by hedge funds and other institutional investors.

Innoviva Company Profile

Innoviva, Inc is a healthcare company focused on developing, commercializing and managing medicines, with an emphasis on respiratory and hospital-based therapies. The company's business model includes royalty interests in marketed products as well as ownership and investment in companies developing or commercializing innovative treatments.

Innoviva receives royalty revenue from respiratory medicines developed in collaboration with GlaxoSmithKline, including Trelegy Ellipta, Anoro Ellipta and Relvar/Breo Ellipta.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.