Innoviva (NASDAQ:INVA) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Innoviva (NASDAQ:INVA - Free Report) from a hold rating to a buy rating in a research report sent to investors on Friday morning.

Separately, Scotiabank started coverage on shares of Innoviva in a research note on Friday. They set a "sector outperform" rating and a $55.00 price objective on the stock.

Innoviva Stock Performance

Shares of INVA traded up $0.15 during mid-day trading on Friday, hitting $17.63. 817,722 shares of the company's stock were exchanged, compared to its average volume of 571,113. The business's 50 day moving average is $18.03 and its two-hundred day moving average is $18.81. Innoviva has a fifty-two week low of $14.33 and a fifty-two week 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 firm has a market capitalization of $1.10 billion, a P/E ratio of 25.55 and a beta of 0.56.

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. Innoviva had a net margin of 18.31% and a return on equity of 20.84%. The business had revenue of $91.81 million for the quarter. On average, equities analysts expect that Innoviva will post 0.33 earnings per share for the current year.

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Insider Activity

In other news, major shareholder Alexander J. Denner sold 1,196,746 shares of the 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 directly owns 5,658,705 shares of the company's stock, valued at approximately $99,140,511.60. This represents a 17.46 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Innoviva

A number of hedge funds have recently made changes to their positions in INVA. US Bancorp DE raised its stake in Innoviva by 24.5% during the third quarter. US Bancorp DE now owns 2,875 shares of the biotechnology company's stock worth $56,000 after acquiring an additional 566 shares in the last quarter. KBC Group NV increased its position in shares of Innoviva by 73.9% during the 4th quarter. KBC Group NV now owns 4,100 shares of the biotechnology company's stock worth $71,000 after purchasing an additional 1,743 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in Innoviva by 75.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 4,962 shares of the biotechnology company's stock valued at $86,000 after purchasing an additional 2,128 shares during the last quarter. FMR LLC boosted its position in Innoviva by 8.2% in the third quarter. FMR LLC now owns 10,119 shares of the biotechnology company's stock valued at $195,000 after buying an additional 771 shares in the last quarter. Finally, New Age Alpha Advisors LLC bought a new stake in Innoviva during the fourth quarter worth about $176,000. Institutional investors and hedge funds 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.