Innoviva (NASDAQ:INVA) Sets New 52-Week High – Should You Buy?

Innoviva, Inc. (NASDAQ:INVA) 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. The stock had previously closed at $22.48.

Analyst Ratings Changes

INVA has been the subject of several analyst reports. Wall Street Zen upgraded shares of Innoviva from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 25th. Zacks Research lowered shares of Innoviva from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 6th. Cantor Fitzgerald raised their target price on Innoviva from $29.00 to $31.00 and gave the company an “overweight” rating in a research note on Thursday, November 6th. Weiss Ratings reiterated a “buy (b)” rating on shares of Innoviva in a research note on Monday, December 29th. Finally, HC Wainwright raised their price objective on Innoviva from $45.00 to $46.00 and gave the company a “buy” rating in a research note on Tuesday, December 16th. 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 company’s stock. According to MarketBeat.com, Innoviva currently has an average rating of “Moderate Buy” and an average price target of $38.80.

Innoviva Trading Up 0.9%

The firm has a market cap of $1.70 billion, a P/E ratio of 16.56 and a beta of 0.44. The business’s 50-day moving average is $20.18 and its two-hundred day moving average is $19.69. The company has a current ratio of 14.12, a quick ratio of 13.33 and a debt-to-equity ratio of 0.25.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Campbell & CO Investment Adviser LLC grew its stake in Innoviva by 383.3% during the 4th quarter. Campbell & CO Investment Adviser LLC now owns 57,872 shares of the biotechnology company’s stock worth $1,157,000 after buying an additional 45,898 shares during the last quarter. Bank of Montreal Can grew its position in shares of Innoviva by 3.8% during the fourth quarter. Bank of Montreal Can now owns 14,742 shares of the biotechnology company’s stock worth $295,000 after acquiring an additional 540 shares during the last quarter. denkapparat Operations GmbH increased its holdings in shares of Innoviva by 50.1% in the 4th quarter. denkapparat Operations GmbH now owns 23,428 shares of the biotechnology company’s stock worth $468,000 after acquiring an additional 7,824 shares during the period. Swiss National Bank lifted its position in Innoviva by 2.2% in the 4th quarter. Swiss National Bank now owns 118,100 shares of the biotechnology company’s stock valued at $2,361,000 after purchasing an additional 2,500 shares during the last quarter. Finally, Empowered Funds LLC bought a new stake in Innoviva in the 4th quarter valued at about $1,492,000. Institutional investors and hedge funds own 99.12% of the company’s stock.

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.