StockNews.com Downgrades Innoviva (NASDAQ:INVA) to Hold

StockNews.com downgraded shares of Innoviva (NASDAQ:INVAGet Rating) from a buy rating to a hold rating in a research note released on Monday.

A number of other research firms also recently weighed in on INVA. Zacks Investment Research downgraded Innoviva from a strong-buy rating to a hold rating in a report on Wednesday, April 27th. Morgan Stanley increased 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 $16.31 on Monday. The firm has a market capitalization of $1.13 billion, a PE ratio of 7.62 and a beta of 0.44. The company has a current ratio of 54.02, a quick ratio of 54.02 and a debt-to-equity ratio of 0.75. The firm’s 50 day moving average is $18.70 and its 200 day moving average is $17.68. Innoviva has a 1 year low of $11.44 and a 1 year high of $20.71.

Innoviva (NASDAQ:INVAGet Rating) last announced its quarterly earnings results on Wednesday, February 9th. The biotechnology company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.14. Innoviva had a net margin of 47.30% and a return on equity of 51.46%. The company had revenue of $107.68 million for the quarter. As a group, research analysts anticipate that Innoviva will post 1.88 earnings per share for the current year.

In other news, Director Innoviva, Inc. purchased 5,385,208 shares of the stock in a transaction on Thursday, March 31st. The stock was purchased at an average price of $5.00 per share, for a total transaction of $26,926,040.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.89% of the stock is currently owned by company insiders.

Institutional investors have recently added to or reduced their stakes in the business. Fieldpoint Private Securities LLC raised its holdings in Innoviva by 71.4% during the 4th quarter. Fieldpoint Private Securities LLC now owns 1,800 shares of the biotechnology company’s stock worth $31,000 after purchasing an additional 750 shares during the last quarter. Strs Ohio bought a new stake in shares of Innoviva in the 1st quarter valued at $38,000. Royal Bank of Canada increased its stake in shares of 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 acquiring an additional 5,320 shares in the last quarter. Financial Counselors Inc. bought a new stake in shares of Innoviva in the 4th quarter valued at $177,000. Finally, Rafferty Asset Management LLC bought a new stake in shares of Innoviva in the 3rd quarter valued at $172,000.

About Innoviva (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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