Innoviva (NASDAQ:INVA) Trading Up 2.2% – Here’s Why

Innoviva, Inc. (NASDAQ:INVA) shares were up 2.2% during trading on Friday . The stock traded as high as $18.34 and last traded at $18.27. Approximately 250,850 shares changed hands during mid-day trading, a decline of 59% from the average daily volume of 614,008 shares. The stock had previously closed at $17.88.

Analyst Ratings Changes

INVA has been the subject of a number of recent analyst reports. Scotiabank assumed coverage on shares of Innoviva in a report on Friday, March 7th. They set a “sector outperform” rating and a $55.00 price target for the company. StockNews.com upgraded Innoviva from a “hold” rating to a “buy” rating in a research note on Monday.

Innoviva Price Performance

The firm has a market cap of $1.14 billion, a P/E ratio of 26.35 and a beta of 0.56. The stock’s 50-day moving average is $18.00 and its 200-day moving average is $18.66. 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 posted its quarterly earnings data on Wednesday, February 26th. The biotechnology company reported $0.57 earnings per share (EPS) for the quarter. Innoviva had a net margin of 18.31% and a return on equity of 20.84%. The company had revenue of $91.81 million for the quarter. As a group, equities analysts anticipate that Innoviva, Inc. will post 0.33 EPS for the current fiscal year.

Insider Activity at Innoviva

In other news, major shareholder Alexander J. Denner sold 151,175 shares of Innoviva stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $17.63, for a total transaction of $2,665,215.25. Following the sale, the insider now owns 7,125,825 shares of the company’s stock, valued at approximately $125,628,294.75. This trade represents a 2.08 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Jefferies Financial Group Inc. increased its holdings in Innoviva by 355.8% in the 4th quarter. Jefferies Financial Group Inc. now owns 296,238 shares of the biotechnology company’s stock valued at $5,140,000 after buying an additional 231,238 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Innoviva by 6.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 140,324 shares of the biotechnology company’s stock valued at $2,435,000 after acquiring an additional 8,875 shares during the period. Vident Advisory LLC raised its position in Innoviva by 11.0% in the fourth quarter. Vident Advisory LLC now owns 26,687 shares of the biotechnology company’s stock worth $463,000 after purchasing an additional 2,637 shares in the last quarter. Squarepoint Ops LLC raised its position in Innoviva by 2.1% in the fourth quarter. Squarepoint Ops LLC now owns 343,216 shares of the biotechnology company’s stock worth $5,955,000 after purchasing an additional 7,032 shares in the last quarter. Finally, Systematic Financial Management LP lifted its stake in Innoviva by 2.5% during the fourth quarter. Systematic Financial Management LP now owns 2,029,069 shares of the biotechnology company’s stock worth $35,204,000 after purchasing an additional 49,996 shares during the period. 99.12% of the stock is 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.