Innoviva, Inc. (NASDAQ:INVA) Short Interest Down 13.0% in March

Innoviva, Inc. (NASDAQ:INVA) saw a significant decline in short interest in March. As of March 31st, there was short interest totalling 11,330,000 shares, a decline of 13.0% from the March 15th total of 13,020,000 shares. Based on an average daily trading volume, of 681,300 shares, the short-interest ratio is currently 16.6 days. Currently, 18.2% of the shares of the stock are short sold.

Innoviva Stock Performance

Shares of Innoviva stock opened at $14.40 on Tuesday. The company has a 50 day moving average of $15.15 and a 200-day moving average of $14.84. The company has a market cap of $910.51 million, a PE ratio of 6.61 and a beta of 0.57. The company has a current ratio of 9.03, a quick ratio of 7.96 and a debt-to-equity ratio of 0.66. Innoviva has a 1-year low of $11.24 and a 1-year high of $16.86.

Innoviva (NASDAQ:INVA) last released its earnings results on Thursday, February 29th. The biotechnology company reported $0.76 earnings per share for the quarter. The firm had revenue of $85.84 million during the quarter. Innoviva had a return on equity of 30.37% and a net margin of 57.89%.

Analyst Ratings Changes

A number of equities analysts have commented on the company. TheStreet upgraded Innoviva from a “c” rating to a “b-” rating in a research note on Thursday, February 29th. StockNews.com upgraded Innoviva from a “hold” rating to a “buy” rating in a research report on Friday, March 29th.

Institutional Trading of Innoviva

Institutional investors and hedge funds have recently modified their holdings of the business. PNC Financial Services Group Inc. raised its stake in Innoviva by 2.7% during the third quarter. PNC Financial Services Group Inc. now owns 46,109 shares of the biotechnology company’s stock worth $599,000 after acquiring an additional 1,234 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. boosted its position in Innoviva by 11.1% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 12,000 shares of the biotechnology company’s stock valued at $156,000 after buying an additional 1,200 shares in the last quarter. Pacer Advisors Inc. grew its stake in shares of Innoviva by 119,140.3% during the fourth quarter. Pacer Advisors Inc. now owns 1,728,984 shares of the biotechnology company’s stock worth $27,733,000 after buying an additional 1,727,534 shares during the last quarter. Jennison Associates LLC increased its holdings in shares of Innoviva by 71.4% during the third quarter. Jennison Associates LLC now owns 85,071 shares of the biotechnology company’s stock worth $1,105,000 after buying an additional 35,430 shares in the last quarter. Finally, Boston Partners lifted its stake in shares of Innoviva by 10.2% in the 3rd quarter. Boston Partners now owns 393,470 shares of the biotechnology company’s stock valued at $5,111,000 after acquiring an additional 36,313 shares during the last quarter. 99.12% of the stock is currently owned by institutional investors.

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.