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

StockNews.com cut shares of Innoviva (NASDAQ:INVA - Free Report) from a buy rating to a hold rating in a research report report published on Thursday.

Innoviva Price Performance

Shares of NASDAQ:INVA traded down $0.14 during midday trading on Thursday, hitting $18.08. 263,826 shares of the stock were exchanged, compared to its average volume of 575,875. The stock has a market cap of $1.13 billion, a P/E ratio of 26.20 and a beta of 0.55. 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 twelve month low of $14.32 and a twelve month high of $21.28. The company has a 50 day moving average price of $18.13 and a 200-day moving average price of $18.89.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Martingale Asset Management L P raised its stake in shares of Innoviva by 0.7% during the 3rd quarter. Martingale Asset Management L P now owns 77,842 shares of the biotechnology company's stock worth $1,503,000 after buying an additional 550 shares during the last quarter. US Bancorp DE raised its stake in shares of Innoviva by 24.5% during the 3rd quarter. US Bancorp DE now owns 2,875 shares of the biotechnology company's stock worth $56,000 after buying an additional 566 shares during the last quarter. FMR LLC increased its position in Innoviva by 8.2% during the 3rd quarter. FMR LLC now owns 10,119 shares of the biotechnology company's stock worth $195,000 after purchasing an additional 771 shares in the last quarter. Illinois Municipal Retirement Fund increased its position in Innoviva by 2.8% during the 4th quarter. Illinois Municipal Retirement Fund now owns 29,066 shares of the biotechnology company's stock worth $504,000 after purchasing an additional 784 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. increased its position in Innoviva by 10.3% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 13,274 shares of the biotechnology company's stock worth $230,000 after purchasing an additional 1,241 shares in 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.