Innoviva (NASDAQ:INVA) Rating Lowered to “Hold” at StockNews.com

Innoviva (NASDAQ:INVA) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Tuesday.

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

Innoviva Trading Up 0.7 %

NASDAQ:INVA opened at $18.07 on Tuesday. The company has a 50-day moving average price of $17.96 and a 200-day moving average price of $18.61. The stock has a market cap of $1.13 billion, a price-to-earnings ratio of 26.19 and a beta of 0.56. 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.

Innoviva (NASDAQ:INVA) last released its earnings results on Wednesday, February 26th. The biotechnology company reported $0.57 earnings per share 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. Equities analysts predict that Innoviva will post 0.33 EPS for the current year.

Insider Transactions at Innoviva

In other news, major shareholder Alexander J. Denner sold 1,196,746 shares of Innoviva stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $17.52, for a total transaction of $20,966,989.92. Following the transaction, the insider now owns 5,658,705 shares in the company, valued at $99,140,511.60. This trade represents a 17.46 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Innoviva

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Barclays PLC lifted its position in shares of Innoviva by 254.2% during the 3rd quarter. Barclays PLC now owns 100,594 shares of the biotechnology company’s stock valued at $1,942,000 after buying an additional 72,192 shares in the last quarter. Jane Street Group LLC raised its stake in Innoviva by 46.4% during the 3rd quarter. Jane Street Group LLC now owns 136,361 shares of the biotechnology company’s stock worth $2,633,000 after acquiring an additional 43,218 shares during the period. FMR LLC lifted its holdings 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 in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Innoviva by 14.2% in the third quarter. JPMorgan Chase & Co. now owns 578,243 shares of the biotechnology company’s stock worth $11,166,000 after purchasing an additional 72,039 shares during the period. Finally, Entropy Technologies LP bought a new position in shares of Innoviva in the fourth quarter worth approximately $248,000. 99.12% of the stock is currently owned by hedge funds and other 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.