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

Innoviva (NASDAQ:INVA) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.

Separately, Scotiabank began coverage on shares of Innoviva in a report on Friday, March 7th. They set a “sector outperform” rating and a $55.00 price objective on the stock.

Innoviva Stock Down 1.0 %

Innoviva stock traded down $0.19 during midday trading on Tuesday, reaching $17.94. The company’s stock had a trading volume of 783,887 shares, compared to its average volume of 617,810. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.79 and a quick ratio of 1.64. The stock has a market capitalization of $1.12 billion, a P/E ratio of 26.00 and a beta of 0.56. The stock’s 50-day simple moving average is $17.97 and its 200-day simple moving average is $18.61. Innoviva has a 52-week low of $14.33 and a 52-week high of $21.28.

Innoviva (NASDAQ:INVA) last announced its quarterly earnings data on Wednesday, February 26th. The biotechnology company reported $0.57 EPS for the quarter. The firm had revenue of $91.81 million during the quarter. Innoviva had a net margin of 18.31% and a return on equity of 20.84%. On average, sell-side analysts expect that Innoviva will post 0.33 EPS for the current year.

Insider Buying and Selling

In other Innoviva news, major shareholder Alexander J. Denner sold 151,175 shares of the stock in a transaction dated Tuesday, March 4th. The stock was 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 of the company’s stock, valued at approximately $125,628,294.75. This trade represents a 2.08 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.70% of the stock is owned by corporate insiders.

Institutional Trading of Innoviva

A number of hedge funds have recently modified their holdings of the stock. American Century Companies Inc. lifted its holdings in Innoviva by 35.2% in the fourth quarter. American Century Companies Inc. now owns 1,424,315 shares of the biotechnology company’s stock valued at $24,712,000 after acquiring an additional 370,795 shares during the period. Millennium Management LLC lifted its stake in shares of Innoviva by 426.4% in the 4th quarter. Millennium Management LLC now owns 400,613 shares of the biotechnology company’s stock valued at $6,951,000 after purchasing an additional 324,515 shares during the period. Hsbc Holdings PLC purchased a new stake in Innoviva during the fourth quarter worth $5,437,000. Jefferies Financial Group Inc. grew its position in Innoviva by 355.8% during the fourth quarter. Jefferies Financial Group Inc. now owns 296,238 shares of the biotechnology company’s stock valued at $5,140,000 after buying an additional 231,238 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in Innoviva by 4.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,919,518 shares of the biotechnology company’s stock valued at $85,354,000 after buying an additional 226,592 shares during the period. Hedge funds and other institutional investors 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.