Innoviva (INVA) shares surged 13.99% in intraday trading on Thursday, propelled by a bullish analyst report from Cantor Fitzgerald. The biopharmaceutical company's stock rally comes as investors react positively to the reaffirmed confidence from Wall Street.
Cantor Fitzgerald analyst Steven Seedhouse maintained a Buy rating on Innoviva and set an ambitious price target of $31.00. This target represents a significant upside potential from the stock's previous closing price, indicating strong confidence in the company's future prospects. The firm also reiterated its Overweight rating on Innoviva, further underlining its positive outlook on the stock.
The substantial price movement puts Innoviva on track for its largest percentage increase since February 10, 2022. The stock has been showing momentum recently, rising in five of the past six trading sessions. Year-to-date, Innoviva is up 19.14%, outperforming many of its peers in the healthcare sector. As the market digests this latest vote of confidence from analysts, investors will be watching closely to see if Innoviva can maintain this upward trajectory and approach Cantor Fitzgerald's bullish price target.
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