Innoviva (NASDAQ:INVA) Upgraded at StockNews.com

Innoviva (NASDAQ:INVA) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday.

Separately, Scotiabank initiated 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 Stock Performance

NASDAQ INVA opened at $18.52 on Wednesday. The company has a 50-day simple moving average of $17.77 and a two-hundred day simple moving average of $18.39. 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 12-month low of $14.95 and a 12-month high of $21.28. The firm has a market cap of $1.16 billion, a price-to-earnings ratio of 26.84 and a beta of 0.48.

Innoviva (NASDAQ:INVA) last posted its quarterly earnings results 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 business had revenue of $91.81 million during the quarter. On average, equities analysts forecast that Innoviva will post 0.33 EPS for the current year.

Insider Transactions 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 value of $2,665,215.25. Following the sale, the insider now directly owns 7,125,825 shares in the company, valued at approximately $125,628,294.75. This trade represents a 2.08 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.25% of the company’s stock.

Institutional Investors Weigh In On Innoviva

Large investors have recently made changes to their positions in the business. BOKF NA boosted its position in shares of Innoviva by 2.3% during the fourth quarter. BOKF NA now owns 28,648 shares of the biotechnology company’s stock valued at $495,000 after purchasing an additional 641 shares in the last quarter. Illinois Municipal Retirement Fund boosted its position in shares of Innoviva by 2.8% during the fourth quarter. Illinois Municipal Retirement Fund now owns 29,066 shares of the biotechnology company’s stock valued at $504,000 after purchasing an additional 784 shares in the last quarter. Farther Finance Advisors LLC boosted its position in shares of Innoviva by 10.3% during the first quarter. Farther Finance Advisors LLC now owns 8,516 shares of the biotechnology company’s stock valued at $153,000 after purchasing an additional 795 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Innoviva by 3.8% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 31,490 shares of the biotechnology company’s stock valued at $546,000 after purchasing an additional 1,162 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. boosted its position in shares of Innoviva by 10.3% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 13,274 shares of the biotechnology company’s stock valued at $230,000 after purchasing an additional 1,241 shares in the last quarter. 99.12% of the stock is currently 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.