Innoviva (NASDAQ:INVA) Upgraded by StockNews.com to “Buy” Rating

StockNews.com upgraded shares of Innoviva (NASDAQ:INVA) from a hold rating to a buy rating in a research note issued to investors on Monday morning.

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

Innoviva Price Performance

NASDAQ INVA opened at $17.98 on Monday. Innoviva has a 1 year low of $14.33 and a 1 year high of $21.28. The business’s fifty day moving average is $17.73 and its two-hundred day moving average is $18.48. The stock has a market capitalization of $1.13 billion, a P/E ratio of 26.06 and a beta of 0.48. 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 earnings results on Wednesday, February 26th. The biotechnology company reported $0.57 earnings per share (EPS) for the quarter. Innoviva had a return on equity of 20.84% and a net margin of 18.31%. The company had revenue of $91.81 million for the quarter. On average, research analysts forecast that Innoviva will post 0.33 earnings per share for the current fiscal year.

Insider Activity

In other Innoviva news, major shareholder Alexander J. Denner sold 151,175 shares of the company’s stock in a transaction that occurred on 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 transaction, the insider now owns 7,125,825 shares in the company, valued at approximately $125,628,294.75. This represents a 2.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Farther Finance Advisors LLC grew its stake in shares of Innoviva by 10.3% in the 1st quarter. Farther Finance Advisors LLC now owns 8,516 shares of the biotechnology company’s stock valued at $153,000 after buying an additional 795 shares in the last quarter. GAMMA Investing LLC lifted its stake in Innoviva by 1,751.7% in the first quarter. GAMMA Investing LLC now owns 81,549 shares of the biotechnology company’s stock valued at $14,780,000 after acquiring an additional 77,145 shares during the last quarter. Jefferies Financial Group Inc. grew its position in Innoviva by 355.8% in the fourth quarter. Jefferies Financial Group Inc. now owns 296,238 shares of the biotechnology company’s stock worth $5,140,000 after acquiring an additional 231,238 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Innoviva by 6.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 140,324 shares of the biotechnology company’s stock worth $2,435,000 after purchasing an additional 8,875 shares during the last quarter. Finally, Vident Advisory LLC raised its holdings in shares of Innoviva by 11.0% during the 4th quarter. Vident Advisory LLC now owns 26,687 shares of the biotechnology company’s stock valued at $463,000 after purchasing an additional 2,637 shares in the last quarter. 99.12% of the stock is owned by institutional investors and hedge funds.

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.