Innoviva (NASDAQ:INVA) Now Covered by Scotiabank

Scotiabank assumed coverage on shares of Innoviva (NASDAQ:INVA) in a report published on Friday, Marketbeat reports. The firm issued a sector outperform rating and a $55.00 price target on the biotechnology company’s stock.

Separately, StockNews.com cut Innoviva from a “buy” rating to a “hold” rating in a research report on Saturday, February 22nd.

Innoviva Stock Up 0.3 %

Innoviva stock opened at $17.64 on Friday. The stock has a market capitalization of $1.10 billion, a PE ratio of 25.57 and a beta of 0.56. Innoviva has a 12 month low of $14.33 and a 12 month high of $21.28. The business has a 50 day simple moving average of $18.03 and a 200-day simple moving average of $18.82. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.79 and a quick ratio of 1.64.

Innoviva (NASDAQ:INVA) last posted its quarterly earnings data on Wednesday, February 26th. The biotechnology company reported $0.57 EPS for the quarter. The business 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%. On average, analysts anticipate that Innoviva will post 0.33 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Alexander J. Denner sold 1,196,746 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the insider now directly 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 Securities & Exchange Commission, which can be accessed through the SEC website. 1.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Innoviva

A number of institutional investors and hedge funds have recently added to or reduced their stakes in INVA. American Century Companies Inc. boosted its stake in Innoviva by 35.2% during the fourth quarter. American Century Companies Inc. now owns 1,424,315 shares of the biotechnology company’s stock worth $24,712,000 after buying an additional 370,795 shares during the last quarter. Millennium Management LLC boosted its stake 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 buying an additional 324,515 shares during the last quarter. Hsbc Holdings PLC acquired a new position in Innoviva during the fourth quarter worth $5,437,000. Jefferies Financial Group Inc. boosted its stake in Innoviva by 355.8% during the fourth quarter. Jefferies Financial Group Inc. now owns 296,238 shares of the biotechnology company’s stock worth $5,140,000 after buying an additional 231,238 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake 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 worth $85,354,000 after buying an additional 226,592 shares during the last quarter. Institutional investors and hedge funds own 99.12% of the company’s stock.

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.