Innoviva (NASDAQ:INVA) Shares Gap Up to $14.30

Innoviva, Inc. (NASDAQ:INVA – Get Rating)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $14.30, but opened at $14.80. Innoviva shares last traded at $14.27, with a volume of 2,662 shares changing hands.

Analysts Set New Price Targets

Several research analysts have commented on INVA shares. StockNews.com cut shares of Innoviva from a “buy” rating to a “hold” rating in a research report on Friday, July 29th. TheStreet lowered shares of Innoviva from a “b-” rating to a “c” rating in a research note on Friday, July 29th. The Goldman Sachs Group started coverage on shares of Innoviva in a research report on Wednesday, July 20th. They issued a “neutral” rating for the company. Finally, Morgan Stanley upped their price objective on shares of Innoviva from $12.00 to $13.00 and gave the company an “underweight” rating in a research note on Tuesday, April 12th.

Innoviva Stock Up 1.1 %

The business’s fifty day moving average price is $14.76 and its 200 day moving average price is $16.70. The company has a market capitalization of $991.32 million, a P/E ratio of 11.05 and a beta of 0.46. The company has a current ratio of 3.18, a quick ratio of 3.18 and a debt-to-equity ratio of 0.78.

Hedge Funds Weigh In On Innoviva

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Innoviva by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 6,823,390 shares of the biotechnology company’s stock worth $132,032,000 after buying an additional 23,195 shares during the period. LSV Asset Management boosted its stake in Innoviva by 0.5% during the 1st quarter. LSV Asset Management now owns 3,266,478 shares of the biotechnology company’s stock worth $63,206,000 after acquiring an additional 14,900 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Innoviva by 0.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,540,394 shares of the biotechnology company’s stock worth $49,156,000 after acquiring an additional 7,052 shares during the last quarter. Nomura Holdings Inc. lifted its stake in Innoviva by 27.9% in the first quarter. Nomura Holdings Inc. now owns 2,102,018 shares of the biotechnology company’s stock valued at $41,510,000 after buying an additional 458,966 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its stake in Innoviva by 81.9% in the second quarter. Assenagon Asset Management S.A. now owns 2,002,894 shares of the biotechnology company’s stock valued at $29,563,000 after buying an additional 901,792 shares in the last quarter.

About Innoviva

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Innoviva, Inc engages in the development and commercialization of pharmaceuticals in the United States and internationally. Its 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), umeclidinium bromide (UMEC), with a LABA, and VI; and TRELEGY ELLIPTA, a once-daily combination medicine consisting of an ICS, LAMA, and LABA.

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