Innoviva Inc. (NASDAQ:INVA) shot up 1.8% during mid-day trading on Wednesday . The stock traded as high as $12.16 and last traded at $11.97, with a volume of 796,095 shares. The stock had previously closed at $11.76.

Separately, Zacks Investment Research cut shares of Innoviva from a “buy” rating to a “hold” rating in a research report on Wednesday, April 13th. Four research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $11.33.

The firm’s 50-day moving average price is $11.16 and its 200 day moving average price is $11.39. The firm’s market cap is $1.34 billion.

Innoviva (NASDAQ:INVA) last issued its quarterly earnings results on Thursday, April 28th. The company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.09 by $0.05. The business had revenue of $24.17 million for the quarter, compared to analysts’ expectations of $28.61 million. During the same quarter in the previous year, the business posted ($0.09) EPS. The company’s quarterly revenue was up 250.8% compared to the same quarter last year. Equities analysts predict that Innoviva Inc. will post $0.56 EPS for the current year.

Innoviva, Inc, formerly Theravance, Inc, is an asset management company that is focused on the development, commercialization and financial management of bio-pharmaceuticals. The Company is focused on managing its respiratory assets partnered with Glaxo Group Limited (GSK), including RELVAR/BREO ELLIPTA (fluticasone furoate/ vilanterol, FF/VI) and ANORO ELLIPTA (umeclidinium bromide/ vilanterol, UMEC/VI), with the intention of providing capital returns to stockholders.

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