Innoviva (NASDAQ:INVA) Shares Cross Above 200 Day Moving Average – Here’s What Happened

Innoviva, Inc. (NASDAQ:INVA)’s stock price passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $20.50 and traded as high as $23.15. Innoviva shares last traded at $23.02, with a volume of 450,806 shares.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on INVA shares. Weiss Ratings reissued a “buy (b)” rating on shares of Innoviva in a report on Friday, March 27th. BTIG Research reissued a “buy” rating and issued a $35.00 price target on shares of Innoviva in a report on Thursday, February 26th. Finally, HC Wainwright increased their price target on shares of Innoviva from $45.00 to $46.00 and gave the stock a “buy” rating in a report on Tuesday, December 16th. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.80.

Innoviva Stock Up 0.1%

The firm has a market cap of $1.71 billion, a PE ratio of 7.55 and a beta of 0.40. The company has a debt-to-equity ratio of 0.22, a quick ratio of 13.85 and a current ratio of 14.64. The company’s 50-day simple moving average is $22.30 and its two-hundred day simple moving average is $20.50.

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, beating the consensus estimate of $0.34 by $1.60. The business had revenue of $114.61 million during the quarter, compared to analysts’ expectations of $102.62 million. Innoviva had a net margin of 65.92% and a return on equity of 37.63%. On average, analysts predict that Innoviva, Inc. will post 0.33 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Innoviva

Several institutional investors have recently added to or reduced their stakes in INVA. EverSource Wealth Advisors LLC boosted its position in Innoviva by 297.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,398 shares of the biotechnology company’s stock valued at $48,000 after buying an additional 1,795 shares during the period. Danske Bank A S purchased a new stake in shares of Innoviva in the 3rd quarter worth about $55,000. Asset Management One Co. Ltd. purchased a new stake in shares of Innoviva in the 3rd quarter worth about $60,000. Toth Financial Advisory Corp purchased a new stake in shares of Innoviva in the 3rd quarter worth about $63,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Innoviva by 49.1% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,633 shares of the biotechnology company’s stock worth $73,000 after purchasing an additional 1,197 shares during the period. Hedge funds and other institutional investors own 99.12% of the company’s stock.

About Innoviva

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.