Innoviva (NASDAQ:INVA) Downgraded by StockNews.com to Hold

Innoviva (NASDAQ:INVA) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released on Saturday.

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

Innoviva Stock Performance

NASDAQ INVA opened at $17.39 on Friday. 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’s fifty day moving average price is $18.04 and its 200 day moving average price is $18.79. The company has a market capitalization of $1.09 billion, a price-to-earnings ratio of 25.20 and a beta of 0.56. Innoviva has a 12 month low of $14.33 and a 12 month high of $21.28.

Innoviva (NASDAQ:INVA) last issued its quarterly earnings data 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 company 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 fiscal year.

Insiders Place Their Bets

In other news, major shareholder Alexander J. Denner sold 1,196,746 shares of Innoviva stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $17.52, for a total value of $20,966,989.92. Following the sale, the insider now owns 5,658,705 shares of the company’s stock, valued at $99,140,511.60. The trade was a 17.46 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.70% of the stock is currently owned by insiders.

Institutional Trading of Innoviva

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of Innoviva by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 6,312,631 shares of the biotechnology company’s stock valued at $109,524,000 after acquiring an additional 84,934 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Innoviva by 4.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,919,518 shares of the biotechnology company’s stock valued at $85,354,000 after acquiring an additional 226,592 shares in the last quarter. Pacer Advisors Inc. boosted its holdings in shares of Innoviva by 4.3% in the fourth quarter. Pacer Advisors Inc. now owns 2,932,113 shares of the biotechnology company’s stock valued at $50,872,000 after acquiring an additional 121,162 shares in the last quarter. Systematic Financial Management LP boosted its holdings in shares of Innoviva by 2.5% in the fourth quarter. Systematic Financial Management LP now owns 2,029,069 shares of the biotechnology company’s stock valued at $35,204,000 after acquiring an additional 49,996 shares in the last quarter. Finally, American Century Companies Inc. boosted its holdings in shares of Innoviva by 35.2% in the fourth quarter. American Century Companies Inc. now owns 1,424,315 shares of the biotechnology company’s stock valued at $24,712,000 after acquiring an additional 370,795 shares in the last quarter. Hedge funds and other institutional investors own 99.12% of the company’s stock.

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.