StockNews.com Lowers Innoviva (NASDAQ:INVA) to Buy

StockNews.com downgraded shares of Innoviva (NASDAQ:INVA) from a strong-buy rating to a buy rating in a report published on Wednesday.

Separately, Cantor Fitzgerald began coverage on Innoviva in a report on Tuesday, June 18th. They issued an overweight rating for the company.

Innoviva Price Performance

Innoviva stock opened at $18.55 on Wednesday. The company has a current ratio of 10.42, a quick ratio of 9.17 and a debt-to-equity ratio of 0.63. The company has a fifty day simple moving average of $16.40 and a 200-day simple moving average of $15.79. The stock has a market cap of $1.16 billion, a P/E ratio of 8.36 and a beta of 0.57. Innoviva has a 12-month low of $12.22 and a 12-month high of $18.70.

Innoviva (NASDAQ:INVA) last announced its quarterly earnings results on Wednesday, May 8th. The biotechnology company reported $0.46 earnings per share (EPS) for the quarter. The company had revenue of $77.50 million during the quarter. Innoviva had a return on equity of 28.94% and a net margin of 58.21%. Equities analysts expect that Innoviva will post 1.09 EPS for the current fiscal year.

Hedge Funds Weigh In On Innoviva

Several hedge funds have recently made changes to their positions in the company. Ritholtz Wealth Management acquired a new stake in shares of Innoviva in the 4th quarter valued at about $213,000. China Universal Asset Management Co. Ltd. boosted its holdings in shares of Innoviva by 342.7% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 7,410 shares of the biotechnology company’s stock valued at $119,000 after acquiring an additional 5,736 shares during the period. Louisiana State Employees Retirement System purchased a new position in shares of Innoviva during the fourth quarter worth approximately $452,000. Cornerstone Investment Partners LLC acquired a new position in shares of Innoviva in the 4th quarter valued at $177,000. Finally, Handelsbanken Fonder AB raised its position in Innoviva by 56.6% in the 4th quarter. Handelsbanken Fonder AB now owns 22,676 shares of the biotechnology company’s stock valued at $364,000 after purchasing an additional 8,200 shares during the last quarter. Hedge funds and other institutional investors 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.