Innoviva (NASDAQ:INVA) Cut to Hold at StockNews.com

StockNews.com cut shares of Innoviva (NASDAQ:INVA) from a buy rating to a hold rating in a research note published on Saturday morning.

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

Innoviva Stock Up 0.8 %

Shares of INVA opened at $17.53 on Friday. The business’s 50 day moving average is $18.04 and its 200 day moving average is $18.76. The company has a current ratio of 1.79, a quick ratio of 1.64 and a debt-to-equity ratio of 0.38. Innoviva has a 12-month low of $14.33 and a 12-month high of $21.28. The company has a market capitalization of $1.10 billion, a PE ratio of 25.41 and a beta of 0.56.

Innoviva (NASDAQ:INVA) last released 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 firm had revenue of $91.81 million for the quarter. Research analysts expect that Innoviva will post 0.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Alexander J. Denner sold 1,196,746 shares of the firm’s stock in a transaction on 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 completion of the transaction, the insider now directly 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.70% of the company’s stock.

Institutional Investors Weigh In On Innoviva

A number of hedge funds have recently bought and sold shares of INVA. Martingale Asset Management L P increased its holdings in shares of Innoviva by 0.7% in the 3rd quarter. Martingale Asset Management L P now owns 77,842 shares of the biotechnology company’s stock worth $1,503,000 after buying an additional 550 shares during the last quarter. US Bancorp DE grew its position in Innoviva by 24.5% in the third quarter. US Bancorp DE now owns 2,875 shares of the biotechnology company’s stock worth $56,000 after acquiring an additional 566 shares in the last quarter. BOKF NA increased its stake in Innoviva by 2.3% during the fourth quarter. BOKF NA now owns 28,648 shares of the biotechnology company’s stock worth $495,000 after acquiring an additional 641 shares during the last quarter. FMR LLC raised its position in Innoviva by 8.2% during the third quarter. FMR LLC now owns 10,119 shares of the biotechnology company’s stock valued at $195,000 after purchasing an additional 771 shares during the period. Finally, Illinois Municipal Retirement Fund raised its position in 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 during the period. Hedge funds and other institutional investors own 99.12% of the company’s stock.

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.