Innoviva (NASDAQ:INVA) Cut to Hold at StockNews.com

StockNews.com downgraded shares of Innoviva (NASDAQ:INVA) from a buy rating to a hold rating in a report issued on Tuesday morning.

Innoviva Stock Performance

NASDAQ:INVA opened at $17.40 on Tuesday. The firm’s 50-day moving average is $18.88 and its 200-day moving average is $18.59. The company has a market cap of $1.09 billion, a price-to-earnings ratio of 25.22 and a beta of 0.53. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.64 and a current ratio of 1.79. Innoviva has a 52-week low of $14.32 and a 52-week high of $21.28.

Innoviva (NASDAQ:INVA) last issued its quarterly earnings results on Wednesday, November 6th. The biotechnology company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.25). Innoviva had a net margin of 18.31% and a return on equity of 20.84%. The firm had revenue of $89.51 million for the quarter. Equities research analysts anticipate that Innoviva will post 0.33 earnings per share for the current year.

Hedge Funds Weigh In On Innoviva

A number of hedge funds and other institutional investors have recently made changes to their positions in INVA. Dimensional Fund Advisors LP increased its stake in Innoviva by 1.5% in the second quarter. Dimensional Fund Advisors LP now owns 4,684,594 shares of the biotechnology company’s stock valued at $76,826,000 after acquiring an additional 71,336 shares during the period. Systematic Financial Management LP grew its stake in shares of Innoviva by 4.7% in the 3rd quarter. Systematic Financial Management LP now owns 1,979,073 shares of the biotechnology company’s stock valued at $38,216,000 after purchasing an additional 89,633 shares during the period. Geode Capital Management LLC grew its stake in shares of Innoviva by 1.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,357,557 shares of the biotechnology company’s stock valued at $26,219,000 after purchasing an additional 13,257 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Innoviva by 14.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 578,243 shares of the biotechnology company’s stock worth $11,166,000 after buying an additional 72,039 shares in the last quarter. Finally, American Century Companies Inc. lifted its position in shares of Innoviva by 369.6% during the 2nd quarter. American Century Companies Inc. now owns 459,690 shares of the biotechnology company’s stock worth $7,539,000 after buying an additional 361,797 shares during the period. 99.12% of the stock is owned by 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.