Innoviva (NASDAQ:INVA) Rating Lowered to Hold at StockNews.com

StockNews.com downgraded shares of Innoviva (NASDAQ:INVA - Free Report) from a buy rating to a hold rating in a research note issued to investors on Saturday morning.

Separately, Scotiabank started coverage on shares of Innoviva in a research note on Friday, March 7th. They issued a "sector outperform" rating and a $55.00 target price on the stock.

Innoviva Stock Down 1.4 %

INVA stock traded down $0.25 during midday trading on Friday, reaching $17.28. The company had a trading volume of 941,475 shares, compared to its average volume of 579,485. Innoviva has a 1 year low of $14.33 and a 1 year high of $21.28. The company has a current ratio of 1.79, a quick ratio of 1.64 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $1.08 billion, a P/E ratio of 25.04 and a beta of 0.56. The company has a 50 day moving average of $18.04 and a two-hundred day moving average of $18.76.

Innoviva (NASDAQ:INVA - Get Free Report) last released 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 for the quarter. Innoviva had a net margin of 18.31% and a return on equity of 20.84%. On average, equities research analysts expect that Innoviva will post 0.33 earnings per share for the current fiscal year.

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Insider Transactions at Innoviva

In other Innoviva news, major shareholder Alexander J. Denner sold 1,196,746 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the insider now 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 Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.70% of the company's stock.

Institutional Trading of Innoviva

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Innoviva by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 6,312,631 shares of the biotechnology company's stock worth $109,524,000 after acquiring an additional 84,934 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Innoviva by 4.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,919,518 shares of the biotechnology company's stock worth $85,354,000 after acquiring an additional 226,592 shares during the period. Pacer Advisors Inc. lifted its position in shares of Innoviva by 4.3% in the 4th quarter. Pacer Advisors Inc. now owns 2,932,113 shares of the biotechnology company's stock worth $50,872,000 after acquiring an additional 121,162 shares during the period. Systematic Financial Management LP lifted its position in shares of Innoviva by 2.5% in the 4th quarter. Systematic Financial Management LP now owns 2,029,069 shares of the biotechnology company's stock worth $35,204,000 after acquiring an additional 49,996 shares during the period. Finally, American Century Companies Inc. lifted its position in shares of Innoviva by 35.2% in the 4th quarter. American Century Companies Inc. now owns 1,424,315 shares of the biotechnology company's stock worth $24,712,000 after acquiring an additional 370,795 shares during the period. 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.