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

Shares of Innoviva, Inc. (NASDAQ:INVA) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $21.26 and last traded at $21.12, with a volume of 431840 shares trading hands. The stock had previously closed at $20.12.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. StockNews.com lowered shares of Innoviva from a “strong-buy” rating to a “buy” rating in a report on Tuesday, August 6th. Cantor Fitzgerald restated an “overweight” rating on shares of Innoviva in a research note on Tuesday, July 30th.

Innoviva Price Performance

The company has a quick ratio of 11.40, a current ratio of 1.79 and a debt-to-equity ratio of 0.38. The stock’s 50-day moving average price is $19.63 and its 200-day moving average price is $17.87. The company has a market capitalization of $1.29 billion, a price-to-earnings ratio of 29.16 and a beta of 0.57.

Innoviva (NASDAQ:INVA) last posted its quarterly earnings data on Wednesday, November 6th. The biotechnology company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.25). The company had revenue of $89.51 million during the quarter. Innoviva had a return on equity of 20.84% and a net margin of 18.31%. Equities research analysts anticipate that Innoviva, Inc. will post 0.5 earnings per share for the current year.

Hedge Funds Weigh In On Innoviva

Several large investors have recently made changes to their positions in the company. SageView Advisory Group LLC bought a new stake in Innoviva during the 1st quarter worth about $1,555,000. Boston Partners raised its holdings in Innoviva by 90.3% during the 1st quarter. Boston Partners now owns 391,456 shares of the biotechnology company’s stock worth $5,966,000 after purchasing an additional 185,784 shares during the last quarter. O Shaughnessy Asset Management LLC raised its holdings in Innoviva by 108.8% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 73,066 shares of the biotechnology company’s stock worth $1,114,000 after purchasing an additional 38,080 shares during the last quarter. Victory Capital Management Inc. raised its holdings in Innoviva by 63.1% during the 2nd quarter. Victory Capital Management Inc. now owns 135,755 shares of the biotechnology company’s stock worth $2,226,000 after purchasing an additional 52,523 shares during the last quarter. Finally, BOKF NA raised its holdings in Innoviva by 180.5% during the 2nd quarter. BOKF NA now owns 46,377 shares of the biotechnology company’s stock worth $761,000 after purchasing an additional 29,846 shares during the last quarter. Institutional investors and hedge funds own 99.12% of the company’s stock.

About Innoviva

Innoviva, Inc engages in the development and commercialization of pharmaceutical products in the United States and internationally. The company’s products include RELVAR/BREO ELLIPTA, a once-daily combination medicine consisting of a LABA, vilanterol (VI), an inhaled corticosteroid (ICS), and fluticasone furoate; ANORO ELLIPTA, a once-daily medicine combining a long-acting muscarinic antagonist (LAMA) and umeclidinium bromide (UMEC) with a LABA, VI; GIAPREZA (angiotensin II), a vasoconstrictor to increase blood pressure in adults with septic or other distributive shock; XERAVA (eravacycline) for the treatment of complicated intra-abdominal infections in adults; and XACDURO, a beta lactamase inhibitor for the treatment of hospital-acquired bacterial pneumonia and ventilator-associated bacterial pneumonia.