Innoviva, Inc. (NASDAQ:INVA) Short Interest Update

Key Points

• Innoviva, Inc. experienced a significant decline in short interest, dropping by 32.6% from 9,980,000 shares to 6,730,000 shares as of August 31st.
• Analysts have a consensus rating of "Buy" for Innoviva, with a price target average of $42.75, following several upgrades and one downgrade in recent weeks.
• For the second quarter, Innoviva reported $0.77 EPS, exceeding expectations and generating revenue of $100.28 million against analyst estimates of $87.10 million.

Innoviva, Inc. (NASDAQ:INVA - Get Free Report) saw a large decrease in short interest in the month of August. As of August 31st, there was short interest totaling 6,730,000 shares, a decrease of 32.6% from the August 15th total of 9,980,000 shares. Approximately 10.8% of the shares of the company are sold short. Based on an average daily volume of 869,200 shares, the days-to-cover ratio is presently 7.7 days. Based on an average daily volume of 869,200 shares, the days-to-cover ratio is presently 7.7 days. Approximately 10.8% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

INVA has been the topic of several research analyst reports. Wall Street Zen cut shares of Innoviva from a "strong-buy" rating to a "buy" rating in a report on Saturday, September 13th. Cantor Fitzgerald initiated coverage on shares of Innoviva in a report on Friday, July 11th. They issued an "overweight" rating and a $26.00 price target on the stock. HC Wainwright increased their price target on shares of Innoviva from $40.00 to $45.00 and gave the company a "buy" rating in a report on Monday, August 11th. Finally, Oppenheimer initiated coverage on shares of Innoviva in a report on Monday, August 11th. They issued an "outperform" rating and a $45.00 price target on the stock. Four research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Innoviva has an average rating of "Buy" and a consensus price target of $42.75.

Innoviva Stock Performance

Shares of NASDAQ:INVA traded down $0.70 on Friday, reaching $19.19. 1,590,772 shares of the company's stock were exchanged, compared to its average volume of 647,259. The company has a fifty day moving average of $19.66 and a 200-day moving average of $19.13. Innoviva has a twelve month low of $16.67 and a twelve month high of $22.00. The company has a market capitalization of $1.21 billion, a price-to-earnings ratio of 61.91 and a beta of 0.47. The company has a current ratio of 2.64, a quick ratio of 2.44 and a debt-to-equity ratio of 0.36.

Innoviva (NASDAQ:INVA - Get Free Report) last announced its earnings results on Wednesday, August 6th. The biotechnology company reported $0.77 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.57 by $0.20. Innoviva had a net margin of 10.44% and a return on equity of 18.67%. The firm had revenue of $100.28 million for the quarter, compared to analyst estimates of $87.10 million. On average, research analysts predict that Innoviva will post 0.33 EPS for the current fiscal year.

Institutional Trading of Innoviva

Several large investors have recently made changes to their positions in INVA. Cubist Systematic Strategies LLC acquired a new stake in shares of Innoviva during the 4th quarter worth approximately $184,000. Gotham Asset Management LLC boosted its position in shares of Innoviva by 37.2% during the 4th quarter. Gotham Asset Management LLC now owns 43,899 shares of the biotechnology company's stock worth $762,000 after acquiring an additional 11,912 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Innoviva by 3.8% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 31,490 shares of the biotechnology company's stock valued at $546,000 after buying an additional 1,162 shares in the last quarter. Millennium Management LLC boosted its position in Innoviva by 426.4% in the fourth quarter. Millennium Management LLC now owns 400,613 shares of the biotechnology company's stock valued at $6,951,000 after buying an additional 324,515 shares in the last quarter. Finally, Nuveen Asset Management LLC boosted its position in Innoviva by 87.3% in the fourth quarter. Nuveen Asset Management LLC now owns 306,562 shares of the biotechnology company's stock valued at $5,319,000 after buying an additional 142,886 shares in the last quarter. 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.