Innoviva (NASDAQ:INVA) Reaches New 1-Year High – Still a Buy?

Shares of Innoviva, Inc. (NASDAQ:INVA) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $23.91 and last traded at $23.85, with a volume of 929015 shares trading hands. The stock had previously closed at $22.70.

Wall Street Analysts Forecast Growth

INVA has been the topic of a number of analyst reports. Zacks Research cut shares of Innoviva from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 6th. Wall Street Zen upgraded shares of Innoviva from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 25th. Cantor Fitzgerald lifted their price target on Innoviva from $29.00 to $31.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. Weiss Ratings reiterated a “buy (b)” rating on shares of Innoviva in a research report on Monday, December 29th. Finally, BTIG Research started coverage on Innoviva in a research report on Tuesday. They issued a “buy” rating and a $35.00 target price on the stock. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $38.17.

Innoviva Stock Up 5.1%

The company has a debt-to-equity ratio of 0.25, a current ratio of 14.12 and a quick ratio of 13.33. The firm has a market capitalization of $1.78 billion, a P/E ratio of 17.41 and a beta of 0.44. The firm’s fifty day moving average price is $20.35 and its 200-day moving average price is $19.83.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Elevation Point Wealth Partners LLC acquired a new position in Innoviva during the second quarter worth about $43,000. EverSource Wealth Advisors LLC boosted its position in shares of 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 purchasing an additional 1,795 shares in the last quarter. Danske Bank A S acquired a new position in shares of Innoviva in the 3rd quarter worth approximately $55,000. Asset Management One Co. Ltd. acquired a new position in shares of Innoviva in the 3rd quarter worth approximately $60,000. Finally, Toth Financial Advisory Corp bought a new stake in shares of Innoviva in the 3rd quarter worth approximately $63,000. Institutional investors own 99.12% of the company’s stock.

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.