StockNews.com Begins Coverage on Innoviva (NASDAQ:INVA)

StockNews.com began coverage on shares of Innoviva (NASDAQ:INVA – Get Rating) in a research report report published on Thursday. The firm issued a hold rating on the biotechnology company’s stock.

INVA has been the topic of several other research reports. The Goldman Sachs Group cut their price target on Innoviva from $15.00 to $13.00 and set a neutral rating on the stock in a research report on Friday, March 3rd. Morgan Stanley cut their price target on Innoviva from $13.00 to $10.00 and set an underweight rating on the stock in a research report on Friday, March 3rd. EF Hutton Acquisition Co. I reaffirmed a buy rating and set a $22.50 price target on shares of Innoviva in a research report on Friday, March 3rd. Finally, TheStreet lowered Innoviva from a b- rating to a c+ rating in a research report on Thursday, February 23rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, Innoviva presently has an average rating of Hold and a consensus price target of $15.17.

Innoviva Price Performance

INVA stock opened at $11.18 on Thursday. The business has a 50 day moving average price of $12.26 and a 200 day moving average price of $12.74. The stock has a market cap of $780.14 million, a price-to-earnings ratio of 5.40 and a beta of 0.56. Innoviva has a fifty-two week low of $10.64 and a fifty-two week high of $20.71. The company has a quick ratio of 2.87, a current ratio of 3.29 and a debt-to-equity ratio of 0.79.

Insider Activity

In related news, CEO Pavel Raifeld bought 3,000 shares of the company’s stock in a transaction dated Friday, March 10th. The shares were acquired at an average price of $10.87 per share, with a total value of $32,610.00. Following the completion of the acquisition, the chief executive officer now owns 9,799 shares in the company, valued at approximately $106,515.13. The transaction was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 0.89% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of INVA. Advisor Group Holdings Inc. increased its holdings in shares of Innoviva by 12.4% in the first quarter. Advisor Group Holdings Inc. now owns 8,138 shares of the biotechnology company’s stock valued at $153,000 after purchasing an additional 899 shares during the period. JPMorgan Chase & Co. grew its holdings in Innoviva by 9.7% during the first quarter. JPMorgan Chase & Co. now owns 306,797 shares of the biotechnology company’s stock worth $5,936,000 after acquiring an additional 27,181 shares during the period. Bank of New York Mellon Corp grew its holdings in Innoviva by 4.8% during the first quarter. Bank of New York Mellon Corp now owns 689,908 shares of the biotechnology company’s stock worth $13,350,000 after acquiring an additional 31,617 shares during the period. Cetera Advisor Networks LLC acquired a new position in Innoviva during the first quarter worth $249,000. Finally, Acadian Asset Management LLC grew its holdings in Innoviva by 430.1% during the first quarter. Acadian Asset Management LLC now owns 6,292 shares of the biotechnology company’s stock worth $120,000 after acquiring an additional 5,105 shares during the period.

Innoviva Company Profile

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Innoviva, Inc is engaged in the development, commercialization, and financial management of biopharmaceuticals. Its portfolio includes Relvar Breo Ellipta, which is a once-daily combination medicine consisting of a long-acting beta2 agonist, vilanterol, and an inhaled corticosteroid, fluticasone furoate, and Anoro Ellipta, a once-daily medicine combining a long-acting muscarinic antagonist, umeclidinium bromide, LABA, VI.