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 report sent to investors on Monday.

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

Innoviva Stock Up 0.2 %

INVA stock opened at $17.42 on Monday. The stock has a market cap of $1.09 billion, a P/E ratio of 25.25 and a beta of 0.56. The company has a current ratio of 1.79, a quick ratio of 1.64 and a debt-to-equity ratio of 0.38. The stock’s fifty day simple moving average is $18.01 and its two-hundred day simple moving average is $18.66. Innoviva has a 1-year low of $14.33 and a 1-year high of $21.28.

Innoviva (NASDAQ:INVA) last issued its quarterly earnings results on Wednesday, February 26th. The biotechnology company reported $0.57 earnings per share for the quarter. Innoviva had a net margin of 18.31% and a return on equity of 20.84%. The company had revenue of $91.81 million for the quarter. Analysts expect that Innoviva will post 0.33 EPS for the current year.

Insider Buying and Selling at Innoviva

In other news, major shareholder Alexander J. Denner sold 151,175 shares of the business’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 sale, the insider now 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of INVA. Caprock Group LLC bought a new position in shares of Innoviva in the third quarter worth $229,000. Segall Bryant & Hamill LLC purchased a new stake in Innoviva during the 3rd quarter worth about $715,000. Intech Investment Management LLC lifted its holdings in Innoviva by 28.8% during the 3rd quarter. Intech Investment Management LLC now owns 19,537 shares of the biotechnology company’s stock worth $377,000 after purchasing an additional 4,367 shares in the last quarter. Quantbot Technologies LP boosted its stake in Innoviva by 171.5% in the 3rd quarter. Quantbot Technologies LP now owns 26,599 shares of the biotechnology company’s stock worth $514,000 after purchasing an additional 16,801 shares during the period. Finally, FMR LLC grew its holdings in Innoviva by 8.2% during the 3rd quarter. FMR LLC now owns 10,119 shares of the biotechnology company’s stock valued at $195,000 after buying an additional 771 shares in the last quarter. 99.12% of the stock is currently 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.