Innoviva (NASDAQ:INVA) Research Coverage Started at Scotiabank

Scotiabank began coverage on shares of Innoviva (NASDAQ:INVA) in a report issued on Friday morning, Marketbeat.com reports. The firm issued a sector outperform rating and a $55.00 target price on the biotechnology company’s stock.

Separately, StockNews.com downgraded Innoviva from a “buy” rating to a “hold” rating in a report on Saturday, February 22nd.

Innoviva Trading Up 0.3 %

Shares of NASDAQ INVA opened at $17.64 on Friday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.64 and a current ratio of 1.79. The business’s 50 day moving average price is $18.03 and its 200-day moving average price is $18.82. Innoviva has a fifty-two week low of $14.33 and a fifty-two week high of $21.28. The company has a market cap of $1.10 billion, a price-to-earnings ratio of 25.57 and a beta of 0.56.

Innoviva (NASDAQ:INVA) last issued its quarterly earnings results on Wednesday, February 26th. The biotechnology company reported $0.57 earnings per share for the quarter. Innoviva had a return on equity of 20.84% and a net margin of 18.31%. The firm had revenue of $91.81 million for the quarter. On average, sell-side analysts expect that Innoviva will post 0.33 earnings per share for the current year.

Insiders Place Their Bets

In other news, major shareholder Alexander J. Denner sold 1,196,746 shares of Innoviva stock in a transaction on 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 directly owns 5,658,705 shares in the company, valued at approximately $99,140,511.60. This trade represents a 17.46 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in INVA. US Bancorp DE increased its holdings in shares of Innoviva by 24.5% in the 3rd quarter. US Bancorp DE now owns 2,875 shares of the biotechnology company’s stock valued at $56,000 after acquiring an additional 566 shares during the period. QRG Capital Management Inc. increased its holdings in shares of Innoviva by 13.1% in the 3rd quarter. QRG Capital Management Inc. now owns 85,940 shares of the biotechnology company’s stock valued at $1,660,000 after acquiring an additional 9,930 shares during the period. CWA Asset Management Group LLC purchased a new position in shares of Innoviva in the 3rd quarter valued at $574,000. Assetmark Inc. increased its holdings in shares of Innoviva by 4.9% in the 3rd quarter. Assetmark Inc. now owns 154,890 shares of the biotechnology company’s stock valued at $2,991,000 after acquiring an additional 7,168 shares during the period. Finally, Los Angeles Capital Management LLC increased its holdings in shares of Innoviva by 79.7% in the 3rd quarter. Los Angeles Capital Management LLC now owns 40,735 shares of the biotechnology company’s stock valued at $787,000 after acquiring an additional 18,071 shares during the period. 99.12% of the stock is currently owned by hedge funds and other 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.