Innoviva (NASDAQ:INVA) Downgraded to “Hold” at Zacks Investment Research

Innoviva (NASDAQ:INVAGet Rating) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued on Wednesday, Zacks.com reports.

According to Zacks, “Innoviva, Inc. is focused on the development, commercialization and financial management of bio-pharmaceuticals. The company’s portfolio of respiratory assets partnered with Glaxo Group Limited, including RELVAR(R)/BREO(R) ELLIPTA(R) and ANORO(R) ELLIPTA(R). Innoviva, Inc., formerly known as Theravance, Inc., is headquartered in South San Francisco, California. “

Several other equities analysts also recently commented on the company. StockNews.com initiated coverage on Innoviva in a research report on Thursday, March 31st. They issued a “buy” rating on the stock. Morgan Stanley boosted their price target on Innoviva from $12.00 to $13.00 and gave the company an “underweight” rating in a research note on Tuesday, April 12th.

Shares of Innoviva stock opened at $17.21 on Wednesday. The firm has a market cap of $1.20 billion, a price-to-earnings ratio of 6.19 and a beta of 0.44. The stock’s 50-day moving average is $18.93 and its 200-day moving average is $17.68. Innoviva has a one year low of $11.15 and a one year high of $20.71. The company has a debt-to-equity ratio of 0.75, a current ratio of 54.02 and a quick ratio of 54.02.

Innoviva (NASDAQ:INVAGet Rating) last released its earnings results on Wednesday, February 9th. The biotechnology company reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.14. The business had revenue of $107.68 million for the quarter. Innoviva had a return on equity of 56.88% and a net margin of 67.84%. On average, equities analysts expect that Innoviva will post 1.88 EPS for the current year.

In other Innoviva news, Director Innoviva, Inc. purchased 5,385,208 shares of the firm’s stock in a transaction on Thursday, March 31st. The stock was purchased at an average cost of $5.00 per share, for a total transaction of $26,926,040.00. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.89% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in INVA. Fieldpoint Private Securities LLC lifted its position in Innoviva by 71.4% in the 4th quarter. Fieldpoint Private Securities LLC now owns 1,800 shares of the biotechnology company’s stock valued at $31,000 after acquiring an additional 750 shares in the last quarter. Strs Ohio purchased a new stake in shares of Innoviva during the 1st quarter worth approximately $38,000. Royal Bank of Canada grew its stake in Innoviva by 660.0% in the 2nd quarter. Royal Bank of Canada now owns 6,126 shares of the biotechnology company’s stock valued at $82,000 after buying an additional 5,320 shares in the last quarter. Rafferty Asset Management LLC purchased a new position in Innoviva in the 3rd quarter valued at approximately $172,000. Finally, Teacher Retirement System of Texas purchased a new position in Innoviva in the 3rd quarter valued at approximately $177,000. 99.99% of the stock is currently owned by institutional investors.

Innoviva Company Profile (Get Rating)

Innoviva, Inc engages in the development and commercialization of pharmaceuticals in the United States and internationally. Its 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), umeclidinium bromide (UMEC), with a LABA, and VI; and TRELEGY ELLIPTA, a once-daily combination medicine consisting of an ICS, LAMA, and LABA.

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