Innoviva (NASDAQ:INVA) Reaches New 12-Month Low – What’s Next?

Innoviva, Inc. (NASDAQ:INVA)’s share price reached a new 52-week low on Monday. The stock traded as low as $19.00 and last traded at $19.1710, with a volume of 1,059 shares. The stock had previously closed at $19.10.

Wall Street Analyst Weigh In

INVA has been the topic of several research analyst reports. Zacks Research raised Innoviva from a “strong sell” rating to a “hold” rating in a research note on Monday, August 31st. Cantor Fitzgerald decreased their target price on Innoviva from $36.00 to $34.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. Wall Street Zen downgraded Innoviva from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Weiss Ratings downgraded Innoviva from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, September 24th. Finally, Oppenheimer dropped their price target on Innoviva from $35.00 to $34.00 and set an “outperform” rating on the stock in a research report on Thursday. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $39.00.

Innoviva Stock Performance

The company has a quick ratio of 14.58, a current ratio of 15.44 and a debt-to-equity ratio of 0.23. The stock has a 50 day simple moving average of $20.91 and a two-hundred day simple moving average of $21.87. The stock has a market capitalization of $1.36 billion, a P/E ratio of 9.46, a P/E/G ratio of 2.76 and a beta of 0.38.

Innoviva (NASDAQ:INVA) last released its quarterly earnings data on Wednesday, November 4th. The biotechnology company reported ($1.03) EPS for the quarter, missing the consensus estimate of $0.52 by ($1.55). The company had revenue of $106.12 million during the quarter, compared to analyst estimates of $115.31 million. Innoviva had a net margin of 44.13% and a return on equity of 22.91%. On average, equities analysts forecast that Innoviva, Inc. will post 2.31 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. William Blair Investment Management LLC increased its holdings in shares of Innoviva by 29.7% in the third quarter. William Blair Investment Management LLC now owns 832,881 shares of the biotechnology company’s stock valued at $17,665,000 after purchasing an additional 190,705 shares during the last quarter. Money Concepts Capital Corp raised its position in shares of Innoviva by 6.3% in the third quarter. Money Concepts Capital Corp now owns 16,966 shares of the biotechnology company’s stock valued at $360,000 after purchasing an additional 1,007 shares during the period. Maryland State Retirement & Pension System lifted its stake in shares of Innoviva by 57.2% during the 3rd quarter. Maryland State Retirement & Pension System now owns 16,132 shares of the biotechnology company’s stock worth $342,000 after buying an additional 5,872 shares during the last quarter. Illinois Municipal Retirement Fund lifted its stake in shares of Innoviva by 2.3% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 35,453 shares of the biotechnology company’s stock worth $752,000 after buying an additional 803 shares during the last quarter. Finally, Fulcrum Asset Management LLP lifted its stake in shares of Innoviva by 446.8% during the 3rd quarter. Fulcrum Asset Management LLP now owns 13,680 shares of the biotechnology company’s stock worth $289,000 after buying an additional 11,178 shares during the last quarter. Institutional investors 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.