Innoviva (NASDAQ:INVA) Shares Up 2.2% – Here’s Why

Innoviva, Inc. (NASDAQ:INVA)’s share price was up 2.2% during trading on Friday . The company traded as high as $18.34 and last traded at $18.27. Approximately 250,850 shares were traded during mid-day trading, a decline of 59% from the average daily volume of 614,008 shares. The stock had previously closed at $17.88.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on INVA. Scotiabank initiated coverage on Innoviva in a research note on Friday, March 7th. They issued a “sector outperform” rating and a $55.00 target price for the company. StockNews.com upgraded shares of Innoviva from a “hold” rating to a “buy” rating in a research report on Monday.

Innoviva Stock Up 1.7 %

The firm has a 50 day moving average price of $18.00 and a 200-day moving average price of $18.66. The firm has a market cap of $1.14 billion, a price-to-earnings ratio of 26.35 and a beta of 0.56. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.79 and a quick ratio of 1.64.

Innoviva (NASDAQ:INVA) last released its earnings results on Wednesday, February 26th. The biotechnology company reported $0.57 earnings per share (EPS) 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. As a group, equities analysts predict that Innoviva, Inc. will post 0.33 EPS for the current fiscal year.

Insider Buying and Selling at Innoviva

In other Innoviva news, major shareholder Alexander J. Denner sold 1,196,746 shares of the stock in a transaction dated 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 transaction, the insider now owns 5,658,705 shares of the company’s stock, valued at approximately $99,140,511.60. This represents a 17.46 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.70% of the company’s stock.

Institutional Trading of Innoviva

Institutional investors and hedge funds have recently modified their holdings of the stock. KBC Group NV grew its holdings in Innoviva by 73.9% during the fourth quarter. KBC Group NV now owns 4,100 shares of the biotechnology company’s stock valued at $71,000 after purchasing an additional 1,743 shares during the period. Tower Research Capital LLC TRC boosted its position in shares of Innoviva by 75.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 4,962 shares of the biotechnology company’s stock worth $86,000 after purchasing an additional 2,128 shares in the last quarter. FMR LLC grew its holdings in shares of 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 buying an additional 771 shares during the period. New Age Alpha Advisors LLC acquired a new position in shares of Innoviva in the 4th quarter valued at $176,000. Finally, Cubist Systematic Strategies LLC bought a new stake in shares of Innoviva in the 4th quarter valued at $184,000. 99.12% of the stock is owned by 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.