Scotiabank Begins Coverage on Innoviva (NASDAQ:INVA)

Scotiabank assumed coverage on shares of Innoviva (NASDAQ:INVA - Get Free Report) in a note issued to investors on Friday, Marketbeat reports. The firm set a "sector outperform" rating and a $55.00 price target on the biotechnology company's stock. Scotiabank's target price would suggest a potential upside of 211.79% from the company's previous close.

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

Innoviva Price Performance

INVA stock traded up $0.05 during midday trading on Friday, hitting $17.64. The company's stock had a trading volume of 1,527,819 shares, compared to its average volume of 569,067. Innoviva has a 12 month low of $14.33 and a 12 month high of $21.28. The company has a quick ratio of 1.64, a current ratio of 1.79 and a debt-to-equity ratio of 0.38. The firm has a market capitalization of $1.10 billion, a price-to-earnings ratio of 25.57 and a beta of 0.56. The company has a 50 day moving average of $18.03 and a two-hundred day moving average of $18.82.

Innoviva (NASDAQ:INVA - Get Free Report) last posted its quarterly earnings results on Wednesday, February 26th. The biotechnology company reported $0.57 earnings per share 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%. On average, analysts expect that Innoviva will post 0.33 EPS for the current year.

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Insider Activity

In other news, major shareholder Alexander J. Denner sold 151,175 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $17.63, for a total transaction 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 approximately $125,628,294.75. This represents a 2.08 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.70% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Barclays PLC boosted its stake in Innoviva by 254.2% during the third quarter. Barclays PLC now owns 100,594 shares of the biotechnology company's stock worth $1,942,000 after buying an additional 72,192 shares during the period. Jane Street Group LLC boosted its stake in Innoviva by 46.4% during 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 during the period. 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 worth $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 $715,000. Finally, Victory Capital Management Inc. boosted its stake in Innoviva by 3.5% during the third quarter. Victory Capital Management Inc. now owns 140,454 shares of the biotechnology company's stock worth $2,712,000 after buying an additional 4,699 shares during the period. 99.12% of the stock is owned by hedge funds and other institutional investors.

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.