Innoviva (NASDAQ:INVA) Stock Price Up 2.2% - Time to Buy?

Innoviva, Inc. (NASDAQ:INVA - Get Free Report) shares shot up 2.2% on Friday . The company traded as high as $18.34 and last traded at $18.27. 250,850 shares were traded during trading, a decline of 59% from the average session volume of 614,008 shares. The stock had previously closed at $17.88.

Wall Street Analysts Forecast Growth

INVA has been the subject of a number of recent analyst reports. StockNews.com upgraded shares of Innoviva from a "hold" rating to a "buy" rating in a research note on Monday, March 24th. Scotiabank assumed coverage on Innoviva in a report on Friday, March 7th. They set a "sector outperform" rating and a $55.00 price target for the company.

Innoviva Stock Down 1.0 %

The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.64 and a current ratio of 1.79. The firm has a fifty day simple moving average of $17.97 and a 200-day simple moving average of $18.61. The firm has a market cap of $1.12 billion, a price-to-earnings ratio of 26.00 and a beta of 0.56.

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

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Insider Activity

In related news, major shareholder Alexander J. Denner sold 151,175 shares of the business's stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $17.63, for a total value of $2,665,215.25. Following the completion of the sale, the insider now directly owns 7,125,825 shares in the company, valued at $125,628,294.75. The trade was a 2.08 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 1.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Innoviva

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in Innoviva by 1.4% during the fourth 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 grew its position in shares of Innoviva by 4.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,919,518 shares of the biotechnology company's stock worth $85,354,000 after purchasing an additional 226,592 shares in the last quarter. Pacer Advisors Inc. increased its holdings in shares of Innoviva by 4.3% during the fourth quarter. Pacer Advisors Inc. now owns 2,932,113 shares of the biotechnology company's stock worth $50,872,000 after purchasing an additional 121,162 shares during the period. Systematic Financial Management LP raised its position in shares of Innoviva by 2.5% in the fourth quarter. Systematic Financial Management LP now owns 2,029,069 shares of the biotechnology company's stock valued at $35,204,000 after buying an additional 49,996 shares in the last quarter. Finally, American Century Companies Inc. boosted its stake in shares of Innoviva by 35.2% in the fourth quarter. American Century Companies Inc. now owns 1,424,315 shares of the biotechnology company's stock valued at $24,712,000 after buying an additional 370,795 shares during the period. 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.