Is Innoviva, Inc. overvalued or undervalued?

As of 17 October 2025, the valuation grade for Innoviva, Inc. has moved from attractive to expensive, indicating a shift towards overvaluation. The company appears to be overvalued based on its current P/E ratio of 15, which is lower than the peer average of approximately 16.41, and an EV to EBITDA ratio of 9.21, which is also competitive compared to its peers. Additionally, the PEG ratio stands at a notably low 0.20, suggesting that the stock may not be justified at its current price level.
In comparison to its peers, MannKind Corp. has a significantly higher P/E ratio of 38.35, while Ligand Pharmaceuticals, Inc. shows a negative P/E of -67.27, highlighting the varying valuations within the industry. The stock has underperformed against the S&P 500 over multiple periods, with a 1-year return of -14.38% compared to the index's 14.08%, reinforcing the notion that Innoviva, Inc. may not be a compelling investment at this time.