Yahoo Finance Innoviva (INVA) Gains As Market Dips: What You Should Know
In the latest trading session, Innoviva (INVA) closed at $13.27, marking a +0.15% move from the previous day. This move outpaced the S&P 500's daily loss of 0.4%. At the same time, the Dow lost 0.03%, and the tech-heavy Nasdaq lost 4.72%.
Coming into today, shares of the biopharmaceutical company had gained 2.47% in the past month. In that same time, the Medical sector lost 2.63%, while the S&P 500 lost 5.57%.
Wall Street will be looking for positivity from Innoviva as it approaches its next earnings report date. On that day, Innoviva is projected to report earnings of $0.54 per share, which would represent a year-over-year decline of 1.82%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $108.28 million, up 0.56% from the year-ago period.
It is also important to note the recent changes to analyst estimates for Innoviva. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Innoviva currently has a Zacks Rank of #5 (Strong Sell).
Investors should also note Innoviva's current valuation metrics, including its Forward P/E ratio of 3.82. For comparison, its industry has an average Forward P/E of 14.99, which means Innoviva is trading at a discount to the group.
The Large Cap Pharmaceuticals industry is part of the Medical sector. This group has a Zacks Industry Rank of 166, putting it in the bottom 35% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Innoviva, Inc. (INVA) : Free Stock Analysis Report
