Innoviva (NASDAQ:INVA) Raised to Buy at StockNews.com

Innoviva (NASDAQ:INVA) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Monday.

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

Innoviva Price Performance

INVA stock opened at $17.38 on Monday. Innoviva has a 1 year low of $14.33 and a 1 year high of $21.28. The business’s 50-day moving average is $18.02 and its two-hundred day moving average is $18.67. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.79 and a quick ratio of 1.64. The firm has a market capitalization of $1.09 billion, a P/E ratio of 25.19 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 EPS for the quarter. The business had revenue of $91.81 million for the quarter. Innoviva had a return on equity of 20.84% and a net margin of 18.31%. Analysts anticipate that Innoviva will post 0.33 earnings per share for the current fiscal year.

Insider Activity at Innoviva

In other Innoviva news, major shareholder Alexander J. Denner sold 151,175 shares of the company’s stock in a transaction 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 owns 7,125,825 shares of the company’s stock, valued at approximately $125,628,294.75. This represents a 2.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.70% of the stock is owned by insiders.

Institutional Trading of Innoviva

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