Innoviva (NASDAQ:INVA) Upgraded by StockNews.com to "Buy" Rating

Innoviva (NASDAQ:INVA - Get Free Report) was upgraded by analysts at StockNews.com from a "hold" rating to a "buy" rating in a research note issued to investors on Wednesday.

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 target on the stock.

Innoviva Stock Performance

INVA stock traded up $0.07 during midday trading on Wednesday, hitting $18.72. The company's stock had a trading volume of 529,002 shares, compared to its average volume of 633,781. The stock has a market cap of $1.17 billion, a price-to-earnings ratio of 27.13 and a beta of 0.48. 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 stock's 50-day moving average price is $17.81 and its 200 day moving average price is $18.38. Innoviva has a 1 year low of $15.07 and a 1 year high of $21.28.

Innoviva (NASDAQ:INVA - Get Free Report) last posted its quarterly earnings results on Wednesday, February 26th. The biotechnology company reported $0.57 earnings per share 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. On average, equities analysts forecast that Innoviva will post 0.33 EPS for the current year.

Insider Activity at Innoviva

In related news, major shareholder Alexander J. Denner sold 151,175 shares of the company's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $17.63, for a total transaction of $2,665,215.25. Following the sale, the insider now directly owns 7,125,825 shares in the company, valued at approximately $125,628,294.75. This represents a 2.08 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 2.25% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Innoviva

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Barclays PLC raised its stake in shares of Innoviva by 254.2% during the 3rd quarter. Barclays PLC now owns 100,594 shares of the biotechnology company's stock valued at $1,942,000 after purchasing an additional 72,192 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Innoviva by 14.2% in the third quarter. JPMorgan Chase & Co. now owns 578,243 shares of the biotechnology company's stock worth $11,166,000 after buying an additional 72,039 shares in the last quarter. Entropy Technologies LP bought a new position in shares of Innoviva in the fourth quarter valued at approximately $248,000. Pacer Advisors Inc. grew its stake in Innoviva by 4.3% during the fourth quarter. Pacer Advisors Inc. now owns 2,932,113 shares of the biotechnology company's stock valued at $50,872,000 after acquiring an additional 121,162 shares in the last quarter. Finally, Rhumbline Advisers increased its holdings in Innoviva by 2.1% during the 4th quarter. Rhumbline Advisers now owns 187,318 shares of the biotechnology company's stock worth $3,250,000 after acquiring an additional 3,931 shares during the period. Institutional investors own 99.12% of the company's stock.

About Innoviva

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.