Zacks Investment Research Lowers Innoviva (NASDAQ:INVA) to Hold

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Zacks Investment Research lowered shares of Innoviva (NASDAQ:INVA) from a strong-buy rating to a hold rating in a report released on Wednesday, Zacks.com reports.

According to Zacks, “Innoviva, Inc. is focused on the development, commercialization and financial management of bio-pharmaceuticals. The company’s portfolio of respiratory assets partnered with Glaxo Group Limited, including RELVAR(R)/BREO(R) ELLIPTA(R) and ANORO(R) ELLIPTA(R). Innoviva, Inc., formerly known as Theravance, Inc., is headquartered in South San Francisco, California. “

INVA has been the topic of a number of other reports. BidaskClub downgraded shares of Zebra Technologies from a buy rating to a hold rating in a research note on Tuesday. ValuEngine downgraded shares of Zynerba Pharmaceuticals from a buy rating to a hold rating in a research note on Wednesday.

Innoviva stock opened at $13.44 on Wednesday. The company has a debt-to-equity ratio of 1.93, a current ratio of 66.01 and a quick ratio of 66.02. The stock has a market cap of $1.37 billion, a price-to-earnings ratio of 3.78 and a beta of 1.63. The stock has a 50-day moving average price of $14.13. Innoviva has a 1-year low of $13.07 and a 1-year high of $20.54.

Innoviva (NASDAQ:INVA) last issued its earnings results on Wednesday, May 1st. The biotechnology company reported $0.31 EPS for the quarter, missing the Zacks’ consensus estimate of $0.36 by ($0.05). The company had revenue of $55.18 million during the quarter. Innoviva had a return on equity of 1,674.72% and a net margin of 151.35%. On average, equities analysts predict that Innoviva will post 1.58 EPS for the current year.

Hedge funds have recently modified their holdings of the business. Amalgamated Bank bought a new position in Innoviva in the 4th quarter worth about $194,000. Geode Capital Management LLC grew its stake in Innoviva by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 799,879 shares of the biotechnology company’s stock worth $13,957,000 after acquiring an additional 23,141 shares in the last quarter. Campbell & CO Investment Adviser LLC bought a new position in shares of Innoviva during the first quarter valued at approximately $605,000. Metropolitan Life Insurance Co. NY boosted its stake in shares of Innoviva by 313.9% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 22,228 shares of the biotechnology company’s stock valued at $388,000 after purchasing an additional 16,858 shares in the last quarter. Finally, Tibra Equities Europe Ltd bought a new position in shares of Innoviva during the first quarter valued at approximately $431,000. Institutional investors and hedge funds own 77.85% of the company’s stock.

Innoviva Company Profile

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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