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

StockNews.com upgraded shares of Innoviva (NASDAQ:INVA) from a hold rating to a buy rating in a research report sent to investors on Friday morning.

Separately, Scotiabank initiated coverage on shares of Innoviva in a research report on Friday. They issued a “sector outperform” rating and a $55.00 price objective for the company.

Innoviva Price Performance

Shares of INVA opened at $17.64 on Friday. Innoviva has a fifty-two week low of $14.33 and a fifty-two week high of $21.28. The company has a market capitalization of $1.10 billion, a price-to-earnings ratio of 25.57 and a beta of 0.56. The firm has a 50-day simple moving average of $18.03 and a 200-day simple moving average of $18.82. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.64 and a current ratio of 1.79.

Innoviva (NASDAQ:INVA) last announced its quarterly earnings data on Wednesday, February 26th. The biotechnology company reported $0.57 EPS for the quarter. The firm had revenue of $91.81 million during the quarter. Innoviva had a net margin of 18.31% and a return on equity of 20.84%. On average, equities research analysts anticipate that Innoviva will post 0.33 earnings per share for the current year.

Insider Activity at Innoviva

In other Innoviva news, major shareholder Alexander J. Denner sold 151,175 shares of the stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $17.63, for a total value of $2,665,215.25. Following the completion of the transaction, the insider now directly owns 7,125,825 shares of the company’s stock, valued at approximately $125,628,294.75. This trade represents a 2.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. US Bancorp DE increased its holdings in Innoviva by 24.5% in the third quarter. US Bancorp DE now owns 2,875 shares of the biotechnology company’s stock valued at $56,000 after buying an additional 566 shares in the last quarter. KBC Group NV increased its holdings in Innoviva by 73.9% in the fourth quarter. KBC Group NV now owns 4,100 shares of the biotechnology company’s stock valued at $71,000 after buying an additional 1,743 shares in the last quarter. Tower Research Capital LLC TRC increased its holdings in Innoviva by 75.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 4,962 shares of the biotechnology company’s stock valued at $86,000 after buying an additional 2,128 shares in the last quarter. FMR LLC increased its holdings in Innoviva by 8.2% in the third quarter. FMR LLC now owns 10,119 shares of the biotechnology company’s stock valued at $195,000 after buying an additional 771 shares in the last quarter. Finally, New Age Alpha Advisors LLC purchased a new position in Innoviva in the fourth quarter valued at about $176,000. 99.12% of the stock is owned by hedge funds and other institutional investors.

Innoviva Company Profile

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.