Innoviva (NASDAQ:INVA) Sees Unusually-High Trading Volume - Here's What Happened

Innoviva, Inc. (NASDAQ:INVA - Get Free Report) saw unusually-strong trading volume on Thursday . Approximately 2,389,983 shares traded hands during trading, an increase of 311% from the previous session's volume of 581,782 shares.The stock last traded at $17.27 and had previously closed at $17.41.

Analyst Upgrades and Downgrades

INVA has been the subject of a number of research analyst reports. StockNews.com cut shares of Innoviva from a "buy" rating to a "hold" rating in a report on Saturday. Scotiabank began 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 0.8 %

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's fifty day simple moving average is $18.03 and its 200-day simple moving average is $18.77. The company has a market cap of $1.10 billion, a PE ratio of 25.41 and a beta of 0.56.

Innoviva (NASDAQ:INVA - Get Free Report) last announced its earnings results on Wednesday, February 26th. The biotechnology company reported $0.57 EPS for the quarter. Innoviva had a return on equity of 20.84% and a net margin of 18.31%. The firm had revenue of $91.81 million for the quarter. As a group, equities research analysts expect that Innoviva, Inc. will post 0.33 earnings per share for the current fiscal year.

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Insider Buying and Selling

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 completion of the transaction, the insider now directly owns 5,658,705 shares in the company, valued at approximately $99,140,511.60. The trade was a 17.46 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 1.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Innoviva

Institutional investors have recently added to or reduced their stakes in the business. US Bancorp DE increased its position 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 purchasing an additional 566 shares during the last quarter. KBC Group NV grew its stake 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 valued at $71,000 after buying an additional 1,743 shares during the period. Tower Research Capital LLC TRC increased its holdings in shares of Innoviva by 75.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 4,962 shares of the biotechnology company's stock worth $86,000 after buying an additional 2,128 shares during the last quarter. New Age Alpha Advisors LLC purchased a new position in shares of Innoviva in the 4th quarter worth $176,000. Finally, Cubist Systematic Strategies LLC acquired a new position in Innoviva in the fourth quarter valued at $184,000. 99.12% of the stock is currently owned by institutional investors and hedge funds.

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.