Innoviva (NASDAQ:INVA) Upgraded at StockNews.com

StockNews.com upgraded shares of Innoviva (NASDAQ:INVA) from a hold rating to a buy rating in a report issued on Monday morning.

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

Innoviva Stock Performance

NASDAQ:INVA opened at $17.42 on Monday. 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 has a twelve month low of $14.33 and a twelve month high of $21.28. The company has a fifty day moving average of $18.01 and a 200-day moving average of $18.66. The firm has a market capitalization of $1.09 billion, a P/E ratio of 25.25 and a beta of 0.56.

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

Insider Activity at Innoviva

In related news, major shareholder Alexander J. Denner sold 1,196,746 shares of the firm’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $17.52, for a total value of $20,966,989.92. Following the transaction, the insider now owns 5,658,705 shares of the company’s stock, valued at approximately $99,140,511.60. This trade represents a 17.46 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.70% of the stock is currently owned by insiders.

Institutional Trading of Innoviva

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Caprock Group LLC bought a new position in shares of Innoviva in the third quarter valued at approximately $229,000. Segall Bryant & Hamill LLC purchased a new stake in Innoviva in the 3rd quarter valued at $715,000. Intech Investment Management LLC lifted its stake in Innoviva by 28.8% during the 3rd quarter. Intech Investment Management LLC now owns 19,537 shares of the biotechnology company’s stock valued at $377,000 after acquiring an additional 4,367 shares in the last quarter. Quantbot Technologies LP boosted its holdings in Innoviva by 171.5% during the 3rd quarter. Quantbot Technologies LP now owns 26,599 shares of the biotechnology company’s stock worth $514,000 after acquiring an additional 16,801 shares during the last quarter. Finally, FMR LLC grew its stake in shares of Innoviva by 8.2% in the 3rd quarter. FMR LLC now owns 10,119 shares of the biotechnology company’s stock worth $195,000 after acquiring an additional 771 shares in the last quarter. 99.12% of the stock is owned by institutional investors.

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.