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

Separately, Zacks Investment Research upgraded Innoviva from a “hold” rating to a “buy” rating and set a $15.00 price target for the company in a research report on Tuesday, April 5th. Four research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $11.33.

The stock’s market capitalization is $1.36 billion. The firm has a 50 day moving average price of $11.18 and a 200-day moving average price of $11.40.

Innoviva (NASDAQ:INVA) last announced its quarterly earnings results on Thursday, April 28th. The company reported $0.04 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.09 by $0.05. During the same quarter in the previous year, the company earned ($0.09) EPS. The firm earned $24.17 million during the quarter, compared to analyst estimates of $28.61 million. The company’s revenue for the quarter was up 250.8% on a year-over-year basis. Analysts expect that Innoviva Inc. will post $0.56 earnings per share for the current fiscal 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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