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 report issued on Tuesday.

Separately, Scotiabank began coverage on shares of Innoviva in a report on Friday, March 7th. They issued a "sector outperform" rating and a $55.00 price objective on the stock.

Innoviva Price Performance

Shares of NASDAQ:INVA traded down $0.20 during midday trading on Tuesday, reaching $18.19. 127,475 shares of the company's stock traded hands, compared to its average volume of 631,177. The company has a market cap of $1.14 billion, a P/E ratio of 26.36 and a beta of 0.48. The company has a fifty day simple moving average of $17.75 and a two-hundred day simple moving average of $18.43. 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 has a 1 year low of $14.90 and a 1 year high of $21.28.

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

Insider Buying and Selling

In other Innoviva 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 transaction 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 trade represents a 17.46 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.25% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. American Century Companies Inc. increased its stake in Innoviva by 35.2% in the 4th quarter. American Century Companies Inc. now owns 1,424,315 shares of the biotechnology company's stock valued at $24,712,000 after purchasing an additional 370,795 shares in the last quarter. Millennium Management LLC raised its stake in shares of Innoviva by 426.4% during the 4th quarter. Millennium Management LLC now owns 400,613 shares of the biotechnology company's stock worth $6,951,000 after buying an additional 324,515 shares during the last quarter. Hsbc Holdings PLC purchased a new stake in shares of Innoviva in the 4th quarter worth about $5,437,000. Jefferies Financial Group Inc. boosted its position in shares of Innoviva by 355.8% in the 4th quarter. Jefferies Financial Group Inc. now owns 296,238 shares of the biotechnology company's stock worth $5,140,000 after buying an additional 231,238 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Innoviva by 4.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,919,518 shares of the biotechnology company's stock valued at $85,354,000 after acquiring an additional 226,592 shares during the last quarter. Hedge funds and other 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.