Innoviva (NASDAQ:INVA) Shares Pass Above Two Hundred Day Moving Average – Time to Sell?

Innoviva, Inc. (NASDAQ:INVA)’s stock price crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $21.82 and traded as high as $22.86. Innoviva shares last traded at $22.64, with a volume of 588,385 shares traded.

Analyst Ratings Changes

Several research analysts have commented on INVA shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Innoviva in a report on Friday, March 27th. HC Wainwright restated a “buy” rating and set a $46.00 price objective on shares of Innoviva in a research report on Monday, June 1st. BTIG Research restated a “buy” rating and set a $42.00 price objective on shares of Innoviva in a research report on Tuesday, May 26th. Finally, Wall Street Zen raised Innoviva from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $36.20.

Innoviva Price Performance

The firm’s fifty day moving average price is $22.80 and its two-hundred day moving average price is $21.82. The stock has a market cap of $1.66 billion, a price-to-earnings ratio of 3.74 and a beta of 0.35. The company has a debt-to-equity ratio of 0.19, a current ratio of 21.13 and a quick ratio of 20.07.

Innoviva (NASDAQ:INVA) last issued its earnings results on Wednesday, May 6th. The biotechnology company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.43 by $0.01. The company had revenue of $97.99 million during the quarter, compared to the consensus estimate of $101.57 million. Innoviva had a return on equity of 33.33% and a net margin of 119.89%. Sell-side analysts forecast that Innoviva, Inc. will post 2.23 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Innoviva

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. grew its position 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 purchasing an additional 819,757 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in shares of Innoviva by 38.1% in the third quarter. Arrowstreet Capital Limited Partnership now owns 2,358,633 shares of the biotechnology company’s stock valued at $43,045,000 after buying an additional 650,151 shares in the last quarter. Boston Partners grew its holdings in shares of Innoviva by 63.6% during the third quarter. Boston Partners now owns 1,431,601 shares of the biotechnology company’s stock valued at $26,125,000 after buying an additional 556,517 shares during the last quarter. Royce & Associates LP grew its holdings in shares of Innoviva by 641.2% during the third quarter. Royce & Associates LP now owns 505,906 shares of the biotechnology company’s stock valued at $9,233,000 after buying an additional 437,654 shares during the last quarter. Finally, Qube Research & Technologies Ltd increased its position in shares of Innoviva by 68.2% during the third quarter. Qube Research & Technologies Ltd now owns 1,023,534 shares of the biotechnology company’s stock worth $18,679,000 after acquiring an additional 414,889 shares in the last quarter. 99.12% of the stock is currently owned by institutional investors.

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.