Innoviva (NASDAQ:INVA) Sees Strong Trading Volume – What’s Next?

Shares of Innoviva, Inc. (NASDAQ:INVA) saw strong trading volume on Thursday . 2,389,983 shares changed hands during mid-day trading, an increase of 311% from the previous session’s volume of 581,782 shares.The stock last traded at $17.27 and had previously closed at $17.41.

Analysts Set New Price Targets

Several research analysts recently commented on the company. StockNews.com upgraded Innoviva from a “hold” rating to a “buy” rating in a research report on Friday, March 7th. Scotiabank started coverage on shares of Innoviva in a research report on Friday, March 7th. They set a “sector outperform” rating and a $55.00 price objective on the stock.

Innoviva Stock Performance

The firm’s 50 day moving average is $18.04 and its 200 day moving average is $18.80. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.64 and a current ratio of 1.79. The stock has a market cap of $1.09 billion, a P/E ratio of 25.20 and a beta of 0.56.

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

Insider Buying and Selling at Innoviva

In other news, major shareholder Alexander J. Denner sold 1,196,746 shares of the stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $17.52, for a total transaction of $20,966,989.92. Following the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Innoviva

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