Innoviva (NASDAQ:INVA) Rating Lowered to Hold at StockNews.com

StockNews.com lowered shares of Innoviva (NASDAQ:INVA) from a buy rating to a hold rating in a research report report published on Saturday morning.

Separately, Scotiabank began coverage on Innoviva in a research note on Friday, March 7th. They issued a “sector outperform” rating and a $55.00 target price on the stock.

Innoviva Price Performance

INVA stock opened at $17.53 on Friday. The stock has a market cap of $1.10 billion, a PE ratio of 25.41 and a beta of 0.56. Innoviva has a 12 month low of $14.33 and a 12 month high of $21.28. The company has a 50-day moving average price of $18.04 and a 200 day moving average price of $18.76. The company has a current ratio of 1.79, a quick ratio of 1.64 and a debt-to-equity ratio of 0.38.

Innoviva (NASDAQ:INVA) last announced its earnings results on Wednesday, February 26th. The biotechnology company reported $0.57 earnings per share (EPS) for the quarter. The business had revenue of $91.81 million during the quarter. Innoviva had a return on equity of 20.84% and a net margin of 18.31%. Equities research analysts anticipate that Innoviva will post 0.33 earnings per share for the current year.

Insiders Place Their Bets

In other Innoviva news, major shareholder Alexander J. Denner sold 1,196,746 shares of Innoviva stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $17.52, for a total transaction of $20,966,989.92. Following the completion of the sale, the insider now directly owns 5,658,705 shares of the company’s stock, valued at $99,140,511.60. The trade was a 17.46 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Innoviva

Several institutional investors have recently made changes to their positions in the company. US Bancorp DE grew its holdings in Innoviva by 24.5% during the 3rd quarter. US Bancorp DE now owns 2,875 shares of the biotechnology company’s stock worth $56,000 after acquiring an additional 566 shares in the last quarter. KBC Group NV lifted its position in shares of Innoviva by 73.9% in the 4th quarter. KBC Group NV now owns 4,100 shares of the biotechnology company’s stock worth $71,000 after purchasing an additional 1,743 shares during the period. Tower Research Capital LLC TRC boosted its stake in shares of Innoviva by 75.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 4,962 shares of the biotechnology company’s stock valued at $86,000 after purchasing an additional 2,128 shares in the last quarter. New Age Alpha Advisors LLC purchased a new position in Innoviva during the fourth quarter valued at approximately $176,000. Finally, Cubist Systematic Strategies LLC bought a new position in Innoviva in the fourth quarter worth approximately $184,000. Hedge funds and other institutional investors own 99.12% of the company’s stock.

Innoviva Company Profile

Innoviva, Inc engages in the development and commercialization of pharmaceutical products in the United States and internationally. The company’s products include RELVAR/BREO ELLIPTA, a once-daily combination medicine consisting of a LABA, vilanterol (VI), an inhaled corticosteroid (ICS), and fluticasone furoate; ANORO ELLIPTA, a once-daily medicine combining a long-acting muscarinic antagonist (LAMA) and umeclidinium bromide (UMEC) with a LABA, VI; GIAPREZA (angiotensin II), a vasoconstrictor to increase blood pressure in adults with septic or other distributive shock; XERAVA (eravacycline) for the treatment of complicated intra-abdominal infections in adults; and XACDURO, a beta lactamase inhibitor for the treatment of hospital-acquired bacterial pneumonia and ventilator-associated bacterial pneumonia.