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 note published on Monday morning.

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

Innoviva Stock Performance

INVA opened at $17.33 on Monday. The stock has a market cap of $1.09 billion, a P/E ratio of 25.12 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. The firm has a fifty day moving average price of $18.03 and a 200 day moving average price of $18.68. Innoviva has a 1 year low of $14.33 and a 1 year high of $21.28.

Innoviva (NASDAQ:INVA) last posted 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 business had revenue of $91.81 million for the quarter. Equities research analysts anticipate that Innoviva will post 0.33 earnings per share for the current year.

Insider Buying and Selling

In other news, major shareholder Alexander J. Denner sold 151,175 shares of Innoviva stock in a transaction on Tuesday, March 4th. The stock was 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 approximately $125,628,294.75. The trade was a 2.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Innoviva

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

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.