Innoviva (NASDAQ:INVA) Raised to "Buy" at StockNews.com

Innoviva (NASDAQ:INVA - Get Free Report) was upgraded by StockNews.com from a "hold" rating to a "buy" rating in a research report issued on Monday.

Separately, Scotiabank assumed coverage on Innoviva in a research note on Friday, March 7th. They issued a "sector outperform" rating and a $55.00 price objective for the company.

Innoviva Stock Up 1.0 %

Shares of Innoviva stock traded up $0.18 during midday trading on Monday, reaching $18.27. 738,245 shares of the company's stock traded hands, compared to its average volume of 636,335. The company has a market cap of $1.15 billion, a price-to-earnings ratio of 26.48 and a beta of 0.48. Innoviva has a 52 week low of $14.83 and a 52 week high of $21.28. The company's 50 day simple moving average is $17.73 and its 200 day simple moving average is $18.45. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.64 and a current ratio of 1.79.

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

Insiders Place Their Bets

In other Innoviva news, major shareholder Alexander J. Denner sold 1,196,746 shares of the business's stock in a transaction 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 transaction, the insider now owns 5,658,705 shares of the company's stock, valued at approximately $99,140,511.60. The trade was a 17.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.70% of the company's stock.

Hedge Funds Weigh In On Innoviva

Several institutional investors and hedge funds have recently made changes to their positions in INVA. KBC Group NV boosted its position in shares of Innoviva by 73.9% during the fourth quarter. KBC Group NV now owns 4,100 shares of the biotechnology company's stock valued at $71,000 after purchasing an additional 1,743 shares in the last quarter. Tower Research Capital LLC TRC grew its position in shares of Innoviva by 75.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 4,962 shares of the biotechnology company's stock worth $86,000 after purchasing an additional 2,128 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in shares of Innoviva by 10.3% in the first quarter. Farther Finance Advisors LLC now owns 8,516 shares of the biotechnology company's stock worth $153,000 after purchasing an additional 795 shares during the last quarter. FMR LLC raised its stake in Innoviva by 8.2% during the third quarter. FMR LLC now owns 10,119 shares of the biotechnology company's stock valued at $195,000 after purchasing an additional 771 shares in the last quarter. Finally, New Age Alpha Advisors LLC purchased a new position in shares of Innoviva in the 4th quarter worth $176,000. 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.