Innoviva (INVA) closed at $14.13 in the latest trading session, marking a -0.77% move from the prior day. This change was narrower than the S&P 500's 0.78% loss on the day. Meanwhile, the Dow lost 1.09%, and the Nasdaq, a tech-heavy index, added 0.29%.
Wall Street will be looking for positivity from INVA as it approaches its next earnings report date. In that report, analysts expect INVA to post earnings of $0.32 per share. This would mark a year-over-year decline of 5.88%.
Investors should also note any recent changes to analyst estimates for INVA. These revisions help to show the ever-changing nature of near-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. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
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. Over the past month, the Zacks Consensus EPS estimate remained stagnant. INVA currently has a Zacks Rank of #1 (Strong Buy).
Valuation is also important, so investors should note that INVA has a Forward P/E ratio of 8.05 right now. This represents a discount compared to its industry's average Forward P/E of 15.2.
The Large Cap Pharmaceuticals industry is part of the Medical sector. This group has a Zacks Industry Rank of 17, putting it in the top 7% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Innoviva, Inc. (INVA) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research