Innoviva (NASDAQ:INVA) Shares Break Above 50 Day Moving Average – What’s Next?

Shares of Innoviva, Inc. (NASDAQ:INVA) passed above its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $20.99 and traded as high as $21.15. Innoviva shares last traded at $21.12, with a volume of 585,272 shares trading hands.

Wall Street Analyst Weigh In

Several research firms recently weighed in on INVA. Oppenheimer began coverage on shares of Innoviva in a research report on Wednesday, September 23rd. They set an “outperform” rating and a $35.00 price objective for the company. Zacks Research raised shares of Innoviva from a “strong sell” rating to a “hold” rating in a report on Monday, August 31st. Weiss Ratings cut shares of Innoviva from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, September 24th. Wall Street Zen downgraded shares of Innoviva from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Finally, Cantor Fitzgerald reduced their price target on shares of Innoviva from $36.00 to $34.00 and set an “overweight” rating on the stock in a research report on Friday, August 7th. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.25.

Innoviva Price Performance

The business’s fifty day moving average price is $20.99 and its 200 day moving average price is $21.85. The company has a debt-to-equity ratio of 0.21, a current ratio of 16.01 and a quick ratio of 15.18. The stock has a market cap of $1.53 billion, a P/E ratio of 5.18, a PEG ratio of 3.08 and a beta of 0.38.

Institutional Trading of Innoviva

A number of hedge funds have recently added to or reduced their stakes in INVA. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Innoviva during the third quarter worth $78,000. Profund Advisors LLC lifted its holdings in Innoviva by 413.9% in the third quarter. Profund Advisors LLC now owns 76,047 shares of the biotechnology company’s stock valued at $1,613,000 after buying an additional 61,248 shares during the period. Vise Technologies Inc. lifted its holdings in Innoviva by 64.4% in the third quarter. Vise Technologies Inc. now owns 46,128 shares of the biotechnology company’s stock valued at $978,000 after buying an additional 18,071 shares during the period. State of Wyoming boosted its position in Innoviva by 80.6% during the third quarter. State of Wyoming now owns 16,631 shares of the biotechnology company’s stock valued at $353,000 after acquiring an additional 7,424 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. boosted its position in Innoviva by 12.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 13,182 shares of the biotechnology company’s stock valued at $278,000 after acquiring an additional 1,435 shares during the last quarter. Institutional investors and hedge funds own 99.12% of the company’s stock.

Innoviva Company Profile

Innoviva, Inc is a healthcare company focused on developing, commercializing and managing medicines, with an emphasis on respiratory and hospital-based therapies. The company’s business model includes royalty interests in marketed products as well as ownership and investment in companies developing or commercializing innovative treatments.

Innoviva receives royalty revenue from respiratory medicines developed in collaboration with GlaxoSmithKline, including Trelegy Ellipta, Anoro Ellipta and Relvar/Breo Ellipta.