Innoviva (NASDAQ:INVA) Shares Gap Up – Time to Buy?

Innoviva, Inc. (NASDAQ:INVA)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $20.32, but opened at $21.24. Innoviva shares last traded at $20.90, with a volume of 93,908 shares changing hands.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. StockNews.com lowered Innoviva from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, August 6th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Innoviva in a research report on Tuesday, July 30th.

Innoviva Stock Performance

The firm has a 50-day moving average price of $19.65 and a 200 day moving average price of $17.93. The firm has a market capitalization of $1.20 billion, a PE ratio of 27.88 and a beta of 0.57. The company has a quick ratio of 1.64, a current ratio of 1.79 and a debt-to-equity ratio of 0.38.

Innoviva (NASDAQ:INVA) last announced its quarterly earnings data on Wednesday, November 6th. The biotechnology company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.25). The company had revenue of $89.51 million during the quarter. Innoviva had a net margin of 18.31% and a return on equity of 20.84%. Research analysts expect that Innoviva, Inc. will post 0.33 earnings per share for the current year.

Institutional Trading of Innoviva

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Martingale Asset Management L P increased its position in shares of Innoviva by 0.7% during the third quarter. Martingale Asset Management L P now owns 77,842 shares of the biotechnology company’s stock worth $1,503,000 after purchasing an additional 550 shares in the last quarter. US Bancorp DE increased its position in shares of Innoviva by 24.5% during the third quarter. US Bancorp DE now owns 2,875 shares of the biotechnology company’s stock worth $56,000 after purchasing an additional 566 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Innoviva by 18.5% during the third quarter. GAMMA Investing LLC now owns 4,119 shares of the biotechnology company’s stock worth $80,000 after purchasing an additional 643 shares in the last quarter. Texas Permanent School Fund Corp increased its position in shares of Innoviva by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 49,358 shares of the biotechnology company’s stock worth $752,000 after purchasing an additional 662 shares in the last quarter. Finally, FMR LLC increased its position in shares of Innoviva by 8.2% during the third quarter. FMR LLC now owns 10,119 shares of the biotechnology company’s stock worth $195,000 after purchasing an additional 771 shares in the last quarter. 99.12% of the stock is currently owned by institutional investors and hedge funds.

About Innoviva

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.