Innoviva (NASDAQ:INVA) Reaches New 12-Month High - Here's What Happened

Innoviva, Inc. (NASDAQ:INVA - Get Free Report)'s share price reached a new 52-week high during trading on Wednesday . The stock traded as high as $20.24 and last traded at $20.24, with a volume of 64805 shares traded. The stock had previously closed at $19.88.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on INVA shares. StockNews.com lowered shares of Innoviva from a "strong-buy" rating to a "buy" rating in a report on Tuesday, August 6th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Innoviva in a report on Tuesday, July 30th.

Innoviva Price Performance

The company has a quick ratio of 11.40, a current ratio of 12.70 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $1.26 billion, a PE ratio of 9.10 and a beta of 0.57. The stock has a 50-day moving average price of $19.18 and a 200 day moving average price of $17.19.

Innoviva (NASDAQ:INVA - Get Free Report) last posted its quarterly earnings data on Wednesday, July 31st. The biotechnology company reported $0.68 earnings per share for the quarter. Innoviva had a net margin of 44.00% and a return on equity of 33.26%. The company had revenue of $99.90 million during the quarter. Equities analysts forecast that Innoviva, Inc. will post 0.5 EPS for the current fiscal year.

Institutional Investors Weigh In On Innoviva

Several institutional investors have recently bought and sold shares of INVA. Wellington Management Group LLP acquired a new stake in shares of Innoviva in the fourth quarter worth approximately $1,940,000. Nomura Holdings Inc. purchased a new stake in shares of Innoviva during the fourth quarter worth $377,000. GAMMA Investing LLC raised its position 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 buying an additional 1,252 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Innoviva by 16.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 111,659 shares of the biotechnology company's stock worth $1,702,000 after buying an additional 15,595 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its stake in shares of Innoviva by 0.3% in the first quarter. Principal Financial Group Inc. now owns 323,991 shares of the biotechnology company's stock worth $4,938,000 after buying an additional 1,121 shares in the last quarter. 99.12% of the stock is currently owned by institutional investors and hedge funds.

About Innoviva

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.