Innoviva (NASDAQ:INVA) Stock Price Up 2.2% – Here’s Why

Innoviva, Inc. (NASDAQ:INVA)’s share price was up 2.2% during trading on Friday . The stock traded as high as $18.34 and last traded at $18.27. Approximately 250,850 shares traded hands during mid-day trading, a decline of 59% from the average daily volume of 614,008 shares. The stock had previously closed at $17.88.

Analyst Ratings Changes

INVA has been the subject of a number of research analyst reports. Scotiabank initiated coverage on Innoviva in a report on Friday, March 7th. They set a “sector outperform” rating and a $55.00 price target for the company. StockNews.com raised shares of Innoviva from a “hold” rating to a “buy” rating in a research note on Monday, March 24th.

Innoviva Trading Up 1.7 %

The company has a quick ratio of 1.64, a current ratio of 1.79 and a debt-to-equity ratio of 0.38. The business has a 50-day simple moving average of $17.99 and a 200-day simple moving average of $18.64. The company has a market cap of $1.14 billion, a PE ratio of 26.35 and a beta of 0.56.

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

Insiders Place Their Bets

In related news, major shareholder Alexander J. Denner sold 1,196,746 shares of Innoviva stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $17.52, for a total value of $20,966,989.92. Following the completion of the transaction, the insider now owns 5,658,705 shares in the company, valued at approximately $99,140,511.60. The trade was a 17.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.70% of the company’s stock.

Institutional Trading of Innoviva

A number of large investors have recently modified their holdings of INVA. KBC Group NV grew its stake in Innoviva by 73.9% during the 4th quarter. KBC Group NV now owns 4,100 shares of the biotechnology company’s stock worth $71,000 after purchasing an additional 1,743 shares in the last quarter. Tower Research Capital LLC TRC grew its position in shares of Innoviva by 75.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 4,962 shares of the biotechnology company’s stock worth $86,000 after buying an additional 2,128 shares in the last quarter. New Age Alpha Advisors LLC purchased a new stake in shares of Innoviva during the fourth quarter worth approximately $176,000. Cubist Systematic Strategies LLC acquired a new stake in Innoviva in the fourth quarter valued at approximately $184,000. Finally, FMR LLC lifted its stake in Innoviva by 8.2% in the third quarter. FMR LLC now owns 10,119 shares of the biotechnology company’s stock worth $195,000 after acquiring an additional 771 shares during the last quarter. 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.