Innoviva (NASDAQ:INVA) Reaches New 12-Month Low – What’s Next?

Shares of Innoviva, Inc. (NASDAQ:INVA) hit a new 52-week low during mid-day trading on Monday. The stock traded as low as $19.00 and last traded at $19.1710, with a volume of 1,059 shares traded. The stock had previously closed at $19.10.

Analysts Set New Price Targets

INVA has been the subject of a number of research analyst reports. Cantor Fitzgerald reduced their price objective on Innoviva from $36.00 to $34.00 and set an “overweight” rating for the company in a report on Friday, August 7th. Wall Street Zen lowered Innoviva from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Zacks Research raised Innoviva from a “strong sell” rating to a “hold” rating in a report on Monday, August 31st. Weiss Ratings downgraded Innoviva from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, September 24th. Finally, Oppenheimer reduced their price target on Innoviva from $35.00 to $34.00 and set an “outperform” rating for the company in a research note on Thursday. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $39.00.

Innoviva Price Performance

The firm has a market capitalization of $1.36 billion, a price-to-earnings ratio of 9.46, a P/E/G ratio of 2.76 and a beta of 0.38. The company’s 50 day moving average is $20.91 and its 200 day moving average is $21.87. The company has a quick ratio of 14.58, a current ratio of 15.44 and a debt-to-equity ratio of 0.23.

Innoviva (NASDAQ:INVA) last issued its quarterly earnings data on Wednesday, November 4th. The biotechnology company reported ($1.03) earnings per share for the quarter, missing the consensus estimate of $0.52 by ($1.55). The business had revenue of $106.12 million during the quarter, compared to analyst estimates of $115.31 million. Innoviva had a return on equity of 22.91% and a net margin of 44.13%. On average, equities research analysts anticipate that Innoviva, Inc. will post 2.31 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. William Blair Investment Management LLC boosted its stake in shares of Innoviva by 29.7% in the third quarter. William Blair Investment Management LLC now owns 832,881 shares of the biotechnology company’s stock valued at $17,665,000 after buying an additional 190,705 shares during the period. Money Concepts Capital Corp grew its position in Innoviva by 6.3% during the third quarter. Money Concepts Capital Corp now owns 16,966 shares of the biotechnology company’s stock worth $360,000 after buying an additional 1,007 shares in the last quarter. Maryland State Retirement & Pension System increased its stake in Innoviva by 57.2% during the 3rd quarter. Maryland State Retirement & Pension System now owns 16,132 shares of the biotechnology company’s stock worth $342,000 after acquiring an additional 5,872 shares during the period. Illinois Municipal Retirement Fund increased its stake in Innoviva by 2.3% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 35,453 shares of the biotechnology company’s stock worth $752,000 after acquiring an additional 803 shares during the period. Finally, Fulcrum Asset Management LLP increased its stake in Innoviva by 446.8% during the 3rd quarter. Fulcrum Asset Management LLP now owns 13,680 shares of the biotechnology company’s stock worth $289,000 after acquiring an additional 11,178 shares during the period. 99.12% of the stock is owned by institutional investors.

About Innoviva

Innoviva, Inc is a healthcare company focused on developing, commercializing and managing medicines, with an emphasis on respiratory and hospital-based therapies. The company’s business model includes royalty interests in marketed products as well as ownership and investment in companies developing or commercializing innovative treatments.

Innoviva receives royalty revenue from respiratory medicines developed in collaboration with GlaxoSmithKline, including Trelegy Ellipta, Anoro Ellipta and Relvar/Breo Ellipta.