Innoviva (NASDAQ:INVA) Sees Strong Trading Volume – Here’s What Happened

Innoviva, Inc. (NASDAQ:INVA) shares saw an uptick in trading volume on Thursday . 2,389,983 shares were traded during mid-day trading, an increase of 311% from the previous session’s volume of 581,782 shares.The stock last traded at $17.27 and had previously closed at $17.41.

Analyst Ratings Changes

A number of equities research analysts have issued reports on INVA shares. StockNews.com lowered shares of Innoviva from a “buy” rating to a “hold” rating in a report on Saturday. Scotiabank assumed coverage on Innoviva in a report on Friday, March 7th. They issued a “sector outperform” rating and a $55.00 target price for the company.

Innoviva Stock Performance

The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.64 and a current ratio of 1.79. The company’s 50-day moving average price is $18.04 and its 200-day moving average price is $18.79. The firm has a market capitalization of $1.09 billion, a PE ratio of 25.20 and a beta of 0.56.

Innoviva (NASDAQ:INVA) last announced its quarterly 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 during the quarter. On average, sell-side analysts expect that Innoviva, Inc. will post 0.33 earnings per share for the current year.

Insider Buying and Selling at Innoviva

In related news, major shareholder Alexander J. Denner sold 151,175 shares of the business’s stock in a transaction 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 completion of the sale, the insider now directly owns 7,125,825 shares of the company’s stock, valued at $125,628,294.75. The trade was a 2.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.70% of the stock is currently owned by insiders.

Institutional Trading of Innoviva

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Innoviva by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 6,312,631 shares of the biotechnology company’s stock worth $109,524,000 after purchasing an additional 84,934 shares during the period. Dimensional Fund Advisors LP increased its position in Innoviva by 4.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,919,518 shares of the biotechnology company’s stock valued at $85,354,000 after acquiring an additional 226,592 shares during the period. Pacer Advisors Inc. raised its stake in Innoviva by 4.3% during the 4th quarter. Pacer Advisors Inc. now owns 2,932,113 shares of the biotechnology company’s stock valued at $50,872,000 after acquiring an additional 121,162 shares during the last quarter. Systematic Financial Management LP grew its stake in shares of Innoviva by 2.5% in the 4th quarter. Systematic Financial Management LP now owns 2,029,069 shares of the biotechnology company’s stock valued at $35,204,000 after purchasing an additional 49,996 shares during the last quarter. Finally, American Century Companies Inc. increased its holdings in shares of Innoviva by 35.2% in the fourth quarter. American Century Companies Inc. now owns 1,424,315 shares of the biotechnology company’s stock valued at $24,712,000 after purchasing an additional 370,795 shares during the period. 99.12% of the stock is owned by hedge funds and other institutional investors.

Innoviva Company Profile

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.