Innoviva (NASDAQ:INVA) Stock Crosses Above Two Hundred Day Moving Average – Here’s Why

Innoviva, Inc. (NASDAQ:INVA)’s share price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $20.28 and traded as high as $22.37. Innoviva shares last traded at $22.09, with a volume of 696,282 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Innoviva in a research note on Monday, December 29th. BTIG Research reissued a “buy” rating and set a $35.00 price objective on shares of Innoviva in a research note on Thursday, February 26th. Finally, HC Wainwright upped their price objective on Innoviva from $45.00 to $46.00 and gave the stock a “buy” rating in a report on Tuesday, December 16th. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $34.80.

Innoviva Stock Performance

The company has a current ratio of 14.64, a quick ratio of 13.85 and a debt-to-equity ratio of 0.22. The firm has a market cap of $1.64 billion, a PE ratio of 7.24 and a beta of 0.42. The stock’s 50 day moving average price is $21.56 and its 200 day moving average price is $20.28.

Innoviva (NASDAQ:INVA) last announced its quarterly earnings results on Wednesday, February 25th. The biotechnology company reported $1.94 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $1.60. Innoviva had a net margin of 65.92% and a return on equity of 37.63%. The firm had revenue of $114.61 million during the quarter, compared to analysts’ expectations of $102.62 million. As a group, equities analysts forecast that Innoviva, Inc. will post 0.33 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Innoviva

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Marshall Wace LLP lifted its position in shares of Innoviva by 870.3% during the second quarter. Marshall Wace LLP now owns 1,332,966 shares of the biotechnology company’s stock worth $26,779,000 after purchasing an additional 1,195,596 shares in the last quarter. Vanguard Group Inc. boosted its position in Innoviva by 11.6% in the 4th quarter. Vanguard Group Inc. now owns 7,917,103 shares of the biotechnology company’s stock valued at $158,263,000 after buying an additional 819,757 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of Innoviva by 85.3% during the second quarter. Arrowstreet Capital Limited Partnership now owns 1,708,482 shares of the biotechnology company’s stock valued at $34,323,000 after acquiring an additional 786,409 shares in the last quarter. Boston Partners grew its stake in shares of Innoviva by 63.6% during the third quarter. Boston Partners now owns 1,431,601 shares of the biotechnology company’s stock valued at $26,125,000 after acquiring an additional 556,517 shares in the last quarter. Finally, Royce & Associates LP increased its position in shares of Innoviva by 641.2% during the third quarter. Royce & Associates LP now owns 505,906 shares of the biotechnology company’s stock worth $9,233,000 after acquiring an additional 437,654 shares during the last quarter. 99.12% of the stock is owned by institutional investors and hedge funds.

Innoviva Company Profile

Innoviva, Inc, incorporated in Delaware and headquartered in San Francisco, California, is a royalty-focused life sciences company. It acquires, manages and monetizes royalty and license interests in biopharmaceutical products, with a primary emphasis on inhaled respiratory therapies. Innoviva’s portfolio is anchored by royalties on therapies originally developed by its former affiliate, now marketed by GlaxoSmithKline, including several long-acting inhaled products approved for chronic obstructive pulmonary disease (COPD) and asthma.

The company was established through a spin‐out transaction in 2014, separating the royalty assets from a research‐based biopharmaceutical enterprise to create a specialized investment vehicle.