Innoviva (NASDAQ:INVA) Lowered to "Hold" Rating by StockNews.com

StockNews.com lowered shares of Innoviva (NASDAQ:INVA - Free Report) from a buy rating to a hold rating in a research report report published on Tuesday.

Separately, Scotiabank started coverage on Innoviva in a research note on Friday, March 7th. They issued a "sector outperform" rating and a $55.00 target price for the company.

Innoviva Price Performance

Innoviva stock traded down $0.14 during trading hours on Tuesday, hitting $18.24. 419,440 shares of the stock were exchanged, compared to its average volume of 633,057. The stock has a market capitalization of $1.14 billion, a P/E ratio of 26.44 and a beta of 0.48. The business's 50-day moving average is $17.75 and its two-hundred day moving average is $18.41. 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 12 month low of $14.95 and a 12 month high of $21.28.

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

Insider Activity

In other Innoviva news, major shareholder Alexander J. Denner sold 1,196,746 shares of the company's stock in a transaction 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 transaction, the insider now owns 5,658,705 shares of the company's stock, valued at approximately $99,140,511.60. This represents a 17.46 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.25% of the stock is owned by insiders.

Institutional Investors Weigh In On Innoviva

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BOKF NA increased its position in Innoviva by 2.3% in the fourth quarter. BOKF NA now owns 28,648 shares of the biotechnology company's stock worth $495,000 after purchasing an additional 641 shares during the period. Illinois Municipal Retirement Fund boosted its stake in shares of Innoviva by 2.8% in the 4th quarter. Illinois Municipal Retirement Fund now owns 29,066 shares of the biotechnology company's stock valued at $504,000 after purchasing an additional 784 shares during the last quarter. Farther Finance Advisors LLC grew its position in shares of Innoviva by 10.3% during the 1st quarter. Farther Finance Advisors LLC now owns 8,516 shares of the biotechnology company's stock worth $153,000 after buying an additional 795 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Innoviva by 3.8% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 31,490 shares of the biotechnology company's stock worth $546,000 after buying an additional 1,162 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. lifted its holdings in Innoviva by 10.3% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 13,274 shares of the biotechnology company's stock valued at $230,000 after buying an additional 1,241 shares during the period. 99.12% of the stock is owned by institutional investors and hedge funds.

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.