Short Interest in Innoviva, Inc. (NASDAQ:INVA) Increases By 5.8%

Innoviva, Inc. (NASDAQ:INVA) was the recipient of a large growth in short interest during the month of October. As of October 31st, there was short interest totalling 8,970,000 shares, a growth of 5.8% from the October 15th total of 8,480,000 shares. Approximately 14.2% of the company’s stock are short sold. Based on an average daily volume of 644,600 shares, the days-to-cover ratio is currently 13.9 days.

Analysts Set New Price Targets

INVA has been the subject of a number of recent analyst reports. TheStreet cut Innoviva from a “b-” rating to a “c” rating in a research report on Friday, August 4th. StockNews.com upgraded Innoviva from a “hold” rating to a “buy” rating in a research note on Friday, November 3rd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $15.17.

Institutional Trading of Innoviva

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CWM LLC increased its position in shares of Innoviva by 275.4% in the first quarter. CWM LLC now owns 2,620 shares of the biotechnology company’s stock valued at $29,000 after buying an additional 1,922 shares in the last quarter. Quantbot Technologies LP purchased a new stake in Innoviva in the 3rd quarter worth $29,000. Signaturefd LLC raised its position in Innoviva by 970.2% during the first quarter. Signaturefd LLC now owns 2,729 shares of the biotechnology company’s stock worth $31,000 after acquiring an additional 2,474 shares during the period. Tower Research Capital LLC TRC lifted its holdings in Innoviva by 70.8% during the second quarter. Tower Research Capital LLC TRC now owns 3,735 shares of the biotechnology company’s stock valued at $48,000 after purchasing an additional 1,548 shares in the last quarter. Finally, Captrust Financial Advisors lifted its holdings in Innoviva by 362.2% during the first quarter. Captrust Financial Advisors now owns 2,699 shares of the biotechnology company’s stock valued at $52,000 after purchasing an additional 2,115 shares in the last quarter. Institutional investors and hedge funds own 99.12% of the company’s stock.

Innoviva Stock Performance

NASDAQ:INVA traded up $0.07 during trading hours on Friday, reaching $13.72. The company had a trading volume of 550,015 shares, compared to its average volume of 664,504. The company has a debt-to-equity ratio of 0.71, a current ratio of 8.43 and a quick ratio of 7.31. Innoviva has a 1-year low of $10.64 and a 1-year high of $14.08. The business’s 50 day moving average price is $13.05 and its 200-day moving average price is $12.98. The firm has a market cap of $879.31 million, a PE ratio of 31.02 and a beta of 0.50.

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; and TRELEGY ELLIPTA, a once-daily combination medicine consisting of an ICS, LAMA, and LABA.