Innoviva (NASDAQ:INVA) Reaches New 52-Week High – Here’s What Happened

Innoviva, Inc. (NASDAQ:INVA) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $24.03 and last traded at $24.11, with a volume of 211935 shares trading hands. The stock had previously closed at $23.42.

Analyst Upgrades and Downgrades

INVA has been the subject of several research reports. Zacks Research cut shares of Innoviva from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 6th. HC Wainwright lifted their target price on shares of Innoviva from $45.00 to $46.00 and gave the stock a “buy” rating in a research note on Tuesday, December 16th. Cantor Fitzgerald boosted their price target on Innoviva from $29.00 to $31.00 and gave the company an “overweight” rating in a research note on Thursday, November 6th. BTIG Research initiated coverage on shares of Innoviva in a research note on Tuesday, February 17th. They issued a “buy” rating and a $35.00 price objective on the stock. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Innoviva in a report on Monday, December 29th. Six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $38.17.

Innoviva Price Performance

The stock has a market cap of $1.80 billion, a PE ratio of 17.53 and a beta of 0.44. The stock’s fifty day moving average is $20.66 and its 200-day moving average is $20.01. The company has a debt-to-equity ratio of 0.25, a current ratio of 14.12 and a quick ratio of 13.33.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Elevation Point Wealth Partners LLC purchased a new stake in Innoviva in the second quarter valued at $43,000. EverSource Wealth Advisors LLC lifted its position in Innoviva by 297.7% in the second 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 last quarter. Danske Bank A S purchased a new position in Innoviva during the third quarter worth about $55,000. Asset Management One Co. Ltd. acquired a new stake in shares of Innoviva during the third quarter valued at about $60,000. Finally, Toth Financial Advisory Corp purchased a new stake in shares of Innoviva in the 3rd quarter valued at approximately $63,000. 99.12% of the stock is currently owned by hedge funds and other institutional investors.

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.