Innoviva (NASDAQ:INVA) Upgraded to “Buy” at StockNews.com

StockNews.com upgraded shares of Innoviva (NASDAQ:INVA) from a hold rating to a buy rating in a research note issued to investors on Monday.

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

Innoviva Price Performance

NASDAQ INVA opened at $17.33 on Monday. The firm’s fifty day simple moving average is $18.03 and its two-hundred day simple moving average is $18.68. The firm has a market capitalization of $1.09 billion, a P/E ratio of 25.12 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. Innoviva has a 12-month low of $14.33 and a 12-month high of $21.28.

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

Insider Activity

In other news, major shareholder Alexander J. Denner sold 151,175 shares of the firm’s stock in a transaction dated 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 transaction, the insider now directly owns 7,125,825 shares in the company, valued at $125,628,294.75. This trade represents a 2.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Innoviva

Several hedge funds and other institutional investors have recently bought and sold shares of INVA. Jefferies Financial Group Inc. boosted its holdings in shares of Innoviva by 355.8% in the 4th quarter. Jefferies Financial Group Inc. now owns 296,238 shares of the biotechnology company’s stock valued at $5,140,000 after acquiring an additional 231,238 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Innoviva by 6.8% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 140,324 shares of the biotechnology company’s stock valued at $2,435,000 after purchasing an additional 8,875 shares during the period. Vident Advisory LLC boosted its holdings in Innoviva by 11.0% in the fourth quarter. Vident Advisory LLC now owns 26,687 shares of the biotechnology company’s stock valued at $463,000 after purchasing an additional 2,637 shares during the last quarter. Squarepoint Ops LLC grew its position in Innoviva by 2.1% during the 4th quarter. Squarepoint Ops LLC now owns 343,216 shares of the biotechnology company’s stock worth $5,955,000 after purchasing an additional 7,032 shares during the period. Finally, Systematic Financial Management LP raised its stake in shares of Innoviva by 2.5% during the 4th quarter. Systematic Financial Management LP now owns 2,029,069 shares of the biotechnology company’s stock valued at $35,204,000 after buying an additional 49,996 shares during the last quarter. 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.