Innoviva (NASDAQ:INVA) Hits New 12-Month High – Should You Buy?

Innoviva, Inc. (NASDAQ:INVA)’s stock price reached a new 52-week high on Thursday . The company traded as high as $22.96 and last traded at $22.87, with a volume of 352505 shares trading hands. The stock had previously closed at $22.48.

Analyst Ratings Changes

Several analysts have issued reports on INVA shares. HC Wainwright boosted their price objective on Innoviva from $45.00 to $46.00 and gave the stock a “buy” rating in a report on Tuesday, December 16th. Wall Street Zen raised shares of Innoviva from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 25th. Weiss Ratings restated a “buy (b)” rating on shares of Innoviva in a research report on Monday, December 29th. Cantor Fitzgerald lifted their price objective on shares of Innoviva from $29.00 to $31.00 and gave the stock an “overweight” rating in a research report on Thursday, November 6th. Finally, Zacks Research downgraded shares of Innoviva from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 6th. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $38.80.

Innoviva Trading Up 1.2%

The company has a debt-to-equity ratio of 0.25, a quick ratio of 13.33 and a current ratio of 14.12. The stock has a market cap of $1.70 billion, a price-to-earnings ratio of 16.57 and a beta of 0.44. The company’s 50 day simple moving average is $20.25 and its two-hundred day simple moving average is $19.74.

Institutional Investors Weigh In On Innoviva

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Marshall Wace LLP lifted its holdings in Innoviva by 870.3% in the 2nd quarter. Marshall Wace LLP now owns 1,332,966 shares of the biotechnology company’s stock worth $26,779,000 after purchasing an additional 1,195,596 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Innoviva by 11.6% during the 4th quarter. Vanguard Group Inc. now owns 7,917,103 shares of the biotechnology company’s stock worth $158,263,000 after purchasing an additional 819,757 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in Innoviva by 85.3% during the second quarter. Arrowstreet Capital Limited Partnership now owns 1,708,482 shares of the biotechnology company’s stock valued at $34,323,000 after acquiring an additional 786,409 shares during the period. Boston Partners raised its holdings in Innoviva by 63.6% in the 3rd quarter. Boston Partners now owns 1,431,601 shares of the biotechnology company’s stock valued at $26,125,000 after acquiring an additional 556,517 shares in the last quarter. Finally, Royce & Associates LP lifted its position in shares of Innoviva by 641.2% in the 3rd quarter. Royce & Associates LP now owns 505,906 shares of the biotechnology company’s stock worth $9,233,000 after acquiring an additional 437,654 shares during the period. 99.12% of the stock is owned by hedge funds and other institutional investors.

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.