Innoviva (NASDAQ:INVA) Rating Lowered to Buy at StockNews.com

StockNews.com cut shares of Innoviva (NASDAQ:INVA) from a strong-buy rating to a buy rating in a research report released on Wednesday morning.

Separately, Cantor Fitzgerald began coverage on shares of Innoviva in a research report on Tuesday, June 18th. They set an overweight rating on the stock.

Innoviva Stock Up 2.0 %

NASDAQ INVA opened at $18.55 on Wednesday. Innoviva has a 1 year low of $12.22 and a 1 year high of $18.70. The stock has a market capitalization of $1.16 billion, a PE ratio of 8.36 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. The business’s 50-day moving average is $16.40 and its 200 day moving average is $15.79.

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

Institutional Trading of Innoviva

A number of hedge funds and other institutional investors have recently modified their holdings of the business. EdgeRock Capital LLC purchased a new position in Innoviva during the second quarter valued at $31,000. Bessemer Group Inc. grew its position in Innoviva by 333.5% during the 1st quarter. Bessemer Group Inc. now owns 2,211 shares of the biotechnology company’s stock valued at $33,000 after purchasing an additional 1,701 shares during the last quarter. GAMMA Investing LLC increased its stake in Innoviva by 124.0% during the 1st quarter. GAMMA Investing LLC now owns 2,262 shares of the biotechnology company’s stock valued at $34,000 after purchasing an additional 1,252 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its holdings in Innoviva by 342.7% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 7,410 shares of the biotechnology company’s stock worth $119,000 after buying an additional 5,736 shares during the last quarter. Finally, SG Americas Securities LLC bought a new position in shares of Innoviva in the first quarter worth approximately $138,000. 99.12% of the stock is owned by hedge funds and other institutional investors.

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.