Strength Seen in Innoviva (INVA): Can Its 5.5% Jump Turn into More Strength?

Innoviva (INVA) shares rallied 5.5% in the last trading session to close at $18.35. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 8.9% loss over the past four weeks.The price surge can be attributed to growing investor confidence related to the company’s core royalties portfolio, increasing momentum of its marketed products from its infectious disease platform known as Innoviva Specialty Therapeutics, and the portfolio of strategic investments in healthcare assets.This biopharmaceutical company is expected to post quarterly earnings of $0.46 per share in its upcoming report, which represents a year-over-year change of +2200%. Revenues are expected to be $93.92 million, up 4.9% from the year-ago quarter.Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.For Innoviva, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on INVA going forward to see if this recent jump can turn into more strength down the road. The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>Innoviva is part of the Zacks Large Cap Pharmaceuticals industry. Novo Nordisk (NVO), another stock in the same industry, closed the last trading session 2.6% lower at $53.38. NVO has returned -8% in the past month.Novo Nordisk's consensus EPS estimate for the upcoming report has changed -4.2% over the past month to $0.75. Compared to the company's year-ago EPS, this represents a change of -16.7%. Novo Nordisk currently boasts a Zacks Rank of #4 (Sell).Radical New Technology Could Hand Investors Huge GainsQuantum Computing is the next technological revolution, and it could be even more advanced than AI.While some believed the technology was years away, it is already present and moving fast. Large hyperscalers, such as Microsoft, Google, Amazon, Oracle, and even Meta and Tesla, are scrambling to integrate quantum computing into their infrastructure.Senior Stock Strategist Kevin Cook reveals 7 carefully selected stocks poised to dominate the quantum computing landscape in his report, Beyond AI: The Quantum Leap in Computing Power.Kevin was among the early experts who recognized NVIDIA's enormous potential back in 2016. Now, he has keyed in on what could be "the next big thing" in quantum computing supremacy. Today, you have a rare chance to position your portfolio at the forefront of this opportunity.See Top Quantum Stocks Now >>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 Novo Nordisk A/S (NVO): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks