Innoviva (INVA) Trading Up 7.1%

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Innoviva Inc (NASDAQ:INVA) shares were up 7.1% during mid-day trading on Thursday . The company traded as high as $14.96 and last traded at $14.94. Approximately 1,249,328 shares traded hands during trading, an increase of 13% from the average daily volume of 1,104,149 shares. The stock had previously closed at $13.95.

INVA has been the topic of a number of analyst reports. Zacks Investment Research downgraded shares of Innoviva from a “buy” rating to a “hold” rating in a research report on Tuesday, January 8th. BidaskClub downgraded shares of Innoviva from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 2nd. Finally, ValuEngine downgraded shares of Innoviva from a “hold” rating to a “sell” rating in a research report on Wednesday, February 13th.

The stock has a market cap of $1.42 billion, a price-to-earnings ratio of 4.23 and a beta of 1.82. The company has a debt-to-equity ratio of 2.41, a quick ratio of 34.92 and a current ratio of 34.92.

Innoviva (NASDAQ:INVA) last announced its quarterly earnings results on Wednesday, May 1st. The biotechnology company reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). The firm had revenue of $55.18 million during the quarter. Innoviva had a net margin of 151.36% and a negative return on equity of 508.18%. Equities research analysts expect that Innoviva Inc will post 1.46 EPS for the current year.

In other news, insider Geoffrey Hulme purchased 7,000 shares of the business’s stock in a transaction that occurred on Friday, February 15th. The shares were acquired at an average cost of $14.80 per share, for a total transaction of $103,600.00. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director George Bickerstaff purchased 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 27th. The stock was purchased at an average price of $15.90 per share, for a total transaction of $238,500.00. The disclosure for this purchase can be found here. Insiders purchased a total of 32,000 shares of company stock worth $491,100 over the last quarter. 0.18% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. TrimTabs Asset Management LLC bought a new stake in Innoviva during the 4th quarter worth approximately $1,116,000. Amalgamated Bank bought a new stake in Innoviva during the 4th quarter worth approximately $194,000. Assenagon Asset Management S.A. bought a new stake in Innoviva during the 4th quarter worth approximately $3,447,000. Financial Gravity Companies Inc. bought a new stake in Innoviva during the 4th quarter worth approximately $40,000. Finally, Geode Capital Management LLC increased its stake in Innoviva by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 799,879 shares of the biotechnology company’s stock worth $13,957,000 after purchasing an additional 23,141 shares in the last quarter. 79.00% of the stock is owned by institutional investors and hedge funds.

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About Innoviva (NASDAQ:INVA)

Innoviva, Inc engages in the development and commercialization of pharmaceuticals. The company has long-acting beta2 agonist (LABA) collaboration agreement with Glaxo Group Limited to develop and commercialize once-daily products for the treatment of chronic obstructive pulmonary disease and asthma. Its products include RELVAR/BREO ELLIPTA, a once-daily combination medicine consisting of a long-acting beta2 agonist (LABA), vilanterol (VI), an inhaled corticosteroid (ICS), and fluticasone furoate (FF); ANORO ELLIPTA, a once-daily medicine combining a long-acting muscarinic antagonist (LAMA), umeclidinium bromide (UMEC), with a LABA, and VI; and TRELEGY ELLIPTA, a once-daily combination medicine consisting of an ICS, LAMA and LABA.

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