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

Innoviva (NASDAQ:INVA) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released on Tuesday.

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

Innoviva Stock Performance

Innoviva stock opened at $18.28 on Tuesday. The company has a 50 day moving average price of $17.73 and a 200-day moving average price of $18.44. The company has a market capitalization of $1.15 billion, a PE ratio of 26.49 and a beta of 0.48. Innoviva has a fifty-two week low of $14.83 and a fifty-two week high of $21.28. 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 released its quarterly earnings data on Wednesday, February 26th. The biotechnology company reported $0.57 earnings per share for the quarter. Innoviva had a return on equity of 20.84% and a net margin of 18.31%. The firm had revenue of $91.81 million during the quarter. As a group, equities analysts forecast that Innoviva will post 0.33 earnings per share for the current year.

Insider Transactions at Innoviva

In other news, major shareholder Alexander J. Denner sold 1,196,746 shares of the firm’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $17.52, for a total value of $20,966,989.92. Following the sale, the insider now directly owns 5,658,705 shares in the company, valued at approximately $99,140,511.60. This trade represents a 17.46 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Innoviva

Several institutional investors and hedge funds have recently bought and sold shares of the company. CWA Asset Management Group LLC grew its stake in Innoviva by 31.8% during the 1st quarter. CWA Asset Management Group LLC now owns 50,542 shares of the biotechnology company’s stock worth $916,000 after buying an additional 12,187 shares during the last quarter. QRG Capital Management Inc. grew its stake in shares of Innoviva by 7.6% during the first quarter. QRG Capital Management Inc. now owns 96,517 shares of the biotechnology company’s stock worth $1,750,000 after acquiring an additional 6,808 shares during the last quarter. Exchange Traded Concepts LLC increased its holdings in shares of Innoviva by 8.7% during the first quarter. Exchange Traded Concepts LLC now owns 176,025 shares of the biotechnology company’s stock valued at $3,191,000 after acquiring an additional 14,020 shares in the last quarter. Ritholtz Wealth Management raised its position in shares of Innoviva by 2.6% in the 1st quarter. Ritholtz Wealth Management now owns 76,372 shares of the biotechnology company’s stock valued at $1,385,000 after purchasing an additional 1,933 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new stake in Innoviva in the 1st quarter worth approximately $737,000. 99.12% of the stock is owned by hedge funds and other institutional investors.

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.