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

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

Separately, Scotiabank assumed coverage on Innoviva in a report on Friday, March 7th. They set a “sector outperform” rating and a $55.00 target price on the stock.

Innoviva Price Performance

Shares of INVA opened at $17.39 on Friday. The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of 25.20 and a beta of 0.56. 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 has a one year low of $14.33 and a one year high of $21.28. The stock’s fifty day moving average is $18.03 and its 200-day moving average is $18.77.

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

Insider Activity at Innoviva

In related news, major shareholder Alexander J. Denner sold 1,196,746 shares of the stock in a transaction on Thursday, March 6th. The stock was 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 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Innoviva

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Innoviva by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 6,312,631 shares of the biotechnology company’s stock valued at $109,524,000 after purchasing an additional 84,934 shares during the period. Dimensional Fund Advisors LP boosted its position in Innoviva by 4.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,919,518 shares of the biotechnology company’s stock worth $85,354,000 after acquiring an additional 226,592 shares during the period. Pacer Advisors Inc. boosted its position in Innoviva by 4.3% during the 4th quarter. Pacer Advisors Inc. now owns 2,932,113 shares of the biotechnology company’s stock worth $50,872,000 after acquiring an additional 121,162 shares during the period. Systematic Financial Management LP boosted its position in Innoviva by 2.5% during the 4th quarter. Systematic Financial Management LP now owns 2,029,069 shares of the biotechnology company’s stock worth $35,204,000 after acquiring an additional 49,996 shares during the period. Finally, American Century Companies Inc. boosted its position in Innoviva by 35.2% during the 4th quarter. American Century Companies Inc. now owns 1,424,315 shares of the biotechnology company’s stock worth $24,712,000 after acquiring an additional 370,795 shares during the period. Institutional investors and hedge funds 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.