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

Innoviva, Inc. (NASDAQ:INVA)’s stock price reached a new 52-week high on Wednesday . The company traded as high as $24.03 and last traded at $24.11, with a volume of 211935 shares. The stock had previously closed at $23.42.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Cantor Fitzgerald upped their price objective on Innoviva from $29.00 to $31.00 and gave the stock an “overweight” rating in a research report on Thursday, November 6th. Zacks Research downgraded shares of Innoviva from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 6th. HC Wainwright boosted their price target on shares of Innoviva from $45.00 to $46.00 and gave the stock a “buy” rating in a report on Tuesday, December 16th. Weiss Ratings restated a “buy (b)” rating on shares of Innoviva in a report on Monday, December 29th. Finally, BTIG Research assumed coverage on shares of Innoviva in a research note on Tuesday, February 17th. They set a “buy” rating and a $35.00 target price for the company. Six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Innoviva currently has a consensus rating of “Moderate Buy” and a consensus target price of $38.17.

Innoviva Stock Performance

The stock’s 50 day moving average price is $20.66 and its two-hundred day moving average price is $20.01. The company has a current ratio of 14.12, a quick ratio of 13.33 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $1.80 billion, a price-to-earnings ratio of 17.53 and a beta of 0.44.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in Innoviva by 11.6% in the 4th quarter. Vanguard Group Inc. now owns 7,917,103 shares of the biotechnology company’s stock valued at $158,263,000 after acquiring an additional 819,757 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Innoviva by 0.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,360,401 shares of the biotechnology company’s stock valued at $87,164,000 after purchasing an additional 30,048 shares in the last quarter. State Street Corp grew its position in shares of Innoviva by 9.4% in the fourth quarter. State Street Corp now owns 2,796,820 shares of the biotechnology company’s stock valued at $55,908,000 after purchasing an additional 239,848 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of Innoviva by 38.1% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,358,633 shares of the biotechnology company’s stock worth $43,045,000 after purchasing an additional 650,151 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in shares of Innoviva by 13.8% during the 3rd quarter. American Century Companies Inc. now owns 2,351,006 shares of the biotechnology company’s stock worth $42,906,000 after purchasing an additional 284,253 shares in the last quarter. Hedge funds and other institutional investors own 99.12% of the company’s stock.

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.