Innoviva (NASDAQ:INVA) Hits New 52-Week High at $19.87

Shares of Innoviva, Inc. (NASDAQ:INVA) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $19.87 and last traded at $19.83, with a volume of 28830 shares. The stock had previously closed at $19.61.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on INVA. StockNews.com cut shares of Innoviva from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, August 6th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Innoviva in a report on Tuesday, July 30th.

Innoviva Stock Performance

The company has a market capitalization of $1.24 billion, a P/E ratio of 8.91 and a beta of 0.57. The company has a current ratio of 12.70, a quick ratio of 11.40 and a debt-to-equity ratio of 0.67. The stock’s 50-day moving average price is $18.28 and its 200-day moving average price is $16.42.

Innoviva (NASDAQ:INVA) last announced its earnings results on Wednesday, July 31st. The biotechnology company reported $0.68 earnings per share (EPS) for the quarter. Innoviva had a net margin of 44.00% and a return on equity of 33.26%. The firm had revenue of $99.90 million during the quarter. As a group, equities analysts expect that Innoviva, Inc. will post 0.5 EPS for the current year.

Hedge Funds Weigh In On Innoviva

A number of large investors have recently made changes to their positions in the business. EdgeRock Capital LLC acquired a new stake in Innoviva in the second quarter valued at approximately $31,000. Bessemer Group Inc. increased its position in Innoviva by 333.5% during the first quarter. Bessemer Group Inc. now owns 2,211 shares of the biotechnology company’s stock worth $33,000 after acquiring an additional 1,701 shares during the period. Innealta Capital LLC bought a new stake in shares of Innoviva in the second quarter valued at about $33,000. GAMMA Investing LLC raised its stake in shares of Innoviva by 124.0% in the first quarter. GAMMA Investing LLC now owns 2,262 shares of the biotechnology company’s stock valued at $34,000 after purchasing an additional 1,252 shares in the last quarter. Finally, SG Americas Securities LLC bought a new position in shares of Innoviva during the 1st quarter worth about $138,000. Institutional investors and hedge funds own 99.12% of the company’s stock.

Innoviva Company Profile

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.