In the latest trading session, Innoviva (INVA - Free Report) closed at $14.25, marking a -0.84% move from the previous day. This change lagged the S&P 500's daily of 0%. At the same time, the Dow added 0.08%, and the tech-heavy Nasdaq lost 0.18%.
Coming into today, shares of the biopharmaceutical company had gained 9.78% in the past month. In that same time, the Medical sector gained 4.21%, while the S&P 500 gained 3.37%.
Investors will be hoping for strength from INVA as it approaches its next earnings release. The company is expected to report EPS of $0.60, down 74.36% from the prior-year quarter.
INVA's full-year Zacks Consensus Estimates are calling for earnings of $2.03 per share and revenue of $257.94 million. These results would represent year-over-year changes of -42.49% and -1.17%, respectively.
Investors should also note any recent changes to analyst estimates for INVA. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. INVA is currently sporting a Zacks Rank of #1 (Strong Buy).
Valuation is also important, so investors should note that INVA has a Forward P/E ratio of 7.08 right now. Its industry sports an average Forward P/E of 25.39, so we one might conclude that INVA is trading at a discount comparatively.
The Medical - Biomedical and Genetics industry is part of the Medical sector. This group has a Zacks Industry Rank of 61, putting it in the top 24% 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.
Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.