Innoviva, Inc. (NASDAQ:INVA) Sees Large Drop in Short Interest

Innoviva, Inc. (NASDAQ:INVA - Get Free Report) saw a significant decrease in short interest in March. As of March 31st, there was short interest totalling 11,330,000 shares, a decrease of 13.0% from the March 15th total of 13,020,000 shares. Currently, 18.2% of the shares of the stock are sold short. Based on an average daily trading volume, of 681,300 shares, the short-interest ratio is currently 16.6 days.

Institutional Investors Weigh In On Innoviva

Several large investors have recently modified their holdings of the stock. Quantbot Technologies LP purchased a new stake in Innoviva during the third quarter valued at about $29,000. GAMMA Investing LLC boosted its holdings in Innoviva by 124.0% in the first quarter. GAMMA Investing LLC now owns 2,262 shares of the biotechnology company's stock worth $34,000 after purchasing an additional 1,252 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in Innoviva by 70.8% in the second quarter. Tower Research Capital LLC TRC now owns 3,735 shares of the biotechnology company's stock worth $48,000 after purchasing an additional 1,548 shares during the last quarter. Captrust Financial Advisors boosted its stake in shares of Innoviva by 362.2% during the 1st quarter. Captrust Financial Advisors now owns 2,699 shares of the biotechnology company's stock worth $52,000 after acquiring an additional 2,115 shares during the last quarter. Finally, Point72 Hong Kong Ltd bought a new stake in shares of Innoviva during the 1st quarter valued at $76,000. Hedge funds and other institutional investors own 99.12% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on INVA. StockNews.com upgraded shares of Innoviva from a "hold" rating to a "buy" rating in a report on Friday, March 29th. TheStreet raised Innoviva from a "c" rating to a "b-" rating in a research note on Thursday, February 29th.

Innoviva Stock Performance

Shares of Innoviva stock traded down $0.08 on Friday, hitting $14.63. The stock had a trading volume of 456,046 shares, compared to its average volume of 681,772. The company has a quick ratio of 7.96, a current ratio of 9.03 and a debt-to-equity ratio of 0.66. The stock has a market cap of $925.05 million, a price-to-earnings ratio of 6.71 and a beta of 0.57. The business's 50 day moving average is $15.18 and its two-hundred day moving average is $14.83. Innoviva has a twelve month low of $11.24 and a twelve month high of $16.86.

Innoviva (NASDAQ:INVA - Get Free Report) last announced its quarterly earnings results on Thursday, February 29th. The biotechnology company reported $0.76 EPS for the quarter. Innoviva had a return on equity of 30.37% and a net margin of 57.89%. The company had revenue of $85.84 million during the quarter.

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.

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