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

Innoviva, Inc. (NASDAQ:INVA) was the recipient of a significant decrease in short interest during the month of June. As of June 30th, there was short interest totalling 11,270,000 shares, a decrease of 8.2% from the June 15th total of 12,280,000 shares. Currently, 18.3% of the shares of the stock are sold short. Based on an average daily trading volume, of 534,400 shares, the days-to-cover ratio is presently 21.1 days.

Wall Street Analyst Weigh In

INVA has been the topic of several research analyst reports. Cantor Fitzgerald initiated coverage on shares of Innoviva in a research note on Tuesday, June 18th. They set an “overweight” rating on the stock. StockNews.com upgraded shares of Innoviva from a “buy” rating to a “strong-buy” rating in a research report on Monday.

Hedge Funds Weigh In On Innoviva

Several large investors have recently bought and sold shares of the business. Texas Permanent School Fund Corp lifted its holdings in Innoviva by 1.4% in the first quarter. Texas Permanent School Fund Corp now owns 49,358 shares of the biotechnology company’s stock valued at $752,000 after buying an additional 662 shares during the period. SummerHaven Investment Management LLC lifted its holdings in Innoviva by 1.2% in the fourth quarter. SummerHaven Investment Management LLC now owns 58,298 shares of the biotechnology company’s stock valued at $935,000 after buying an additional 705 shares during the period. ProShare Advisors LLC lifted its holdings in Innoviva by 6.2% in the first quarter. ProShare Advisors LLC now owns 16,150 shares of the biotechnology company’s stock valued at $246,000 after buying an additional 942 shares during the period. Quadrant Capital Group LLC lifted its holdings in Innoviva by 13.2% in the fourth quarter. Quadrant Capital Group LLC now owns 9,042 shares of the biotechnology company’s stock valued at $145,000 after buying an additional 1,056 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in Innoviva by 0.3% in the first quarter. Principal Financial Group Inc. now owns 323,991 shares of the biotechnology company’s stock valued at $4,938,000 after buying an additional 1,121 shares during the period. 99.12% of the stock is currently owned by institutional investors and hedge funds.

Innoviva Price Performance

Shares of INVA stock traded up $0.31 during trading hours on Wednesday, reaching $17.46. 954,076 shares of the company were exchanged, compared to its average volume of 611,310. Innoviva has a fifty-two week low of $12.22 and a fifty-two week high of $17.53. The stock’s fifty day moving average is $16.10 and its two-hundred day moving average is $15.71. The company has a market cap of $1.09 billion, a price-to-earnings ratio of 7.73 and a beta of 0.57. The company has a debt-to-equity ratio of 0.63, a current ratio of 10.42 and a quick ratio of 9.17.

Innoviva (NASDAQ:INVA) last announced its earnings results on Wednesday, May 8th. The biotechnology company reported $0.46 earnings per share (EPS) for the quarter. Innoviva had a net margin of 58.21% and a return on equity of 28.94%. The company had revenue of $77.50 million for the quarter. Sell-side analysts forecast that Innoviva will post 1.09 earnings per share for the current fiscal year.

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.