Innoviva (NASDAQ:INVA) Stock Rating Lowered by StockNews.com

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

Separately, Scotiabank assumed coverage on Innoviva in a research report on Friday, March 7th. They set a “sector outperform” rating and a $55.00 price target on the stock.

Innoviva Price Performance

Innoviva stock opened at $17.39 on Friday. The business’s 50-day simple moving average is $18.03 and its 200 day simple moving average is $18.77. The stock has a market cap of $1.09 billion, a price-to-earnings ratio of 25.20 and a beta of 0.56. Innoviva has a 12-month low of $14.33 and a 12-month high of $21.28. The company has a quick ratio of 1.64, a current ratio of 1.79 and a debt-to-equity ratio of 0.38.

Innoviva (NASDAQ:INVA) last issued 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 firm had revenue of $91.81 million for the quarter. As a group, research analysts anticipate that Innoviva will post 0.33 earnings per share for the current year.

Insider Buying and Selling at Innoviva

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in INVA. Barclays PLC boosted its stake in Innoviva by 254.2% in the 3rd quarter. Barclays PLC now owns 100,594 shares of the biotechnology company’s stock valued at $1,942,000 after purchasing an additional 72,192 shares during the period. Jane Street Group LLC boosted its stake in Innoviva by 46.4% in the 3rd quarter. Jane Street Group LLC now owns 136,361 shares of the biotechnology company’s stock valued at $2,633,000 after purchasing an additional 43,218 shares during the period. FMR LLC boosted its stake in Innoviva by 8.2% in the 3rd quarter. FMR LLC now owns 10,119 shares of the biotechnology company’s stock valued at $195,000 after purchasing an additional 771 shares during the period. Segall Bryant & Hamill LLC bought a new stake in Innoviva in the 3rd quarter valued at $715,000. Finally, Victory Capital Management Inc. boosted its stake in Innoviva by 3.5% in the 3rd quarter. Victory Capital Management Inc. now owns 140,454 shares of the biotechnology company’s stock valued at $2,712,000 after purchasing an additional 4,699 shares during the period. 99.12% of the stock is currently owned by 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.