Innoviva (NASDAQ:INVA) Upgraded by StockNews.com to Buy Rating

Innoviva (NASDAQ:INVA) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Monday.

Separately, Scotiabank initiated coverage on shares of Innoviva in a report on Friday, March 7th. They set a “sector outperform” rating and a $55.00 price objective on the stock.

Innoviva Stock Performance

Shares of Innoviva stock traded up $0.06 on Monday, reaching $17.33. 835,483 shares of the company traded hands, compared to its average volume of 587,476. The company has a 50 day moving average of $18.03 and a 200 day moving average of $18.68. 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 has a 52 week low of $14.33 and a 52 week high of $21.28. The firm has a market capitalization of $1.09 billion, a PE ratio of 25.12 and a beta of 0.56.

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. The business had revenue of $91.81 million during the quarter. Innoviva had a return on equity of 20.84% and a net margin of 18.31%. Equities analysts forecast that Innoviva will post 0.33 earnings per share for the current year.

Insider Buying and Selling at Innoviva

In other news, major shareholder Alexander J. Denner sold 151,175 shares of the stock in a transaction dated 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 directly owns 7,125,825 shares of the company’s stock, valued at approximately $125,628,294.75. This represents 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 the SEC website. Insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Innoviva

Several hedge funds have recently bought and sold shares of INVA. Barclays PLC boosted its holdings 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 raised its position in shares of Innoviva by 46.4% in the third quarter. Jane Street Group LLC now owns 136,361 shares of the biotechnology company’s stock worth $2,633,000 after buying an additional 43,218 shares in the last quarter. FMR LLC boosted its stake in Innoviva by 8.2% during the third 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. Segall Bryant & Hamill LLC purchased a new position in Innoviva during the third quarter worth about $715,000. Finally, JPMorgan Chase & Co. grew its position in Innoviva by 14.2% during the third quarter. JPMorgan Chase & Co. now owns 578,243 shares of the biotechnology company’s stock worth $11,166,000 after buying an additional 72,039 shares in the last quarter. Hedge funds and other institutional investors 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.