Why Did Innoviva, Inc. Stock Fall Nearly 16% Wednesday?
Shares of bio-pharmaceutical company Innoviva (NASDAQ: INVA) fell as much as 17.4% on Wednesday. But the stock finished the trading day down 15.55%.
The stock's decline came just before Innoviva was scheduled to report its results for its third quarter. While there wasn't any specific news that seemed to drive the stock's decline, the timing of the sell-off indicates a large investor may have decided to sell a meaningful position just before earnings. Similarly, a large number of smaller investors may have happened to sell on the same day.
Image source: Getty Images.
Source: Fool.com
Innoviva Inc. Stock
€16.50
-0.600%
Currently there is a rather positive sentiment for Innoviva Inc. with 5 Buy predictions and 0 Sell predictions.
With a target price of 30 € there is a hugely positive potential of 81.82% for Innoviva Inc. compared to the current price of 16.5 €.
