Innoviva (NASDAQ:INVA) Lowered to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of Innoviva (NASDAQ:INVA) from a buy rating to a hold rating in a report published 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. “

Several other research analysts have also weighed in on INVA. BidaskClub raised Innoviva from a strong sell rating to a sell rating in a research report on Tuesday, October 8th. TheStreet lowered Innoviva from a b- rating to a c+ rating in a research report on Thursday, August 8th. Finally, ValuEngine raised Innoviva from a strong sell rating to a sell rating in a research report on Wednesday, October 2nd.

NASDAQ:INVA traded down $0.10 during trading hours on Wednesday, hitting $10.83. 261,148 shares of the company’s stock traded hands, compared to its average volume of 723,347. The firm has a market cap of $1.11 billion, a P/E ratio of 3.07 and a beta of 1.42. Innoviva has a twelve month low of $10.03 and a twelve month high of $20.54. The company has a debt-to-equity ratio of 1.57, a quick ratio of 42.50 and a current ratio of 42.50. The stock’s fifty day moving average price is $10.95 and its two-hundred day moving average price is $12.85.

Innoviva (NASDAQ:INVA) last posted its quarterly earnings results on Wednesday, July 24th. The biotechnology company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.08). The business had revenue of $64.11 million for the quarter. Innoviva had a net margin of 146.60% and a return on equity of 307.49%. On average, equities research analysts predict that Innoviva will post 1.71 earnings per share for the current year.

Hedge funds and other institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. grew its stake in Innoviva by 555.7% in the second quarter. JPMorgan Chase & Co. now owns 174,000 shares of the biotechnology company’s stock valued at $2,477,000 after purchasing an additional 147,463 shares in the last quarter. Renaissance Technologies LLC grew its stake in Innoviva by 9.4% in the second quarter. Renaissance Technologies LLC now owns 7,049,608 shares of the biotechnology company’s stock valued at $102,642,000 after purchasing an additional 604,320 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. grew its stake in Innoviva by 5.4% in the second quarter. Tokio Marine Asset Management Co. Ltd. now owns 29,400 shares of the biotechnology company’s stock valued at $428,000 after purchasing an additional 1,500 shares in the last quarter. Stevens Capital Management LP purchased a new position in Innoviva in the second quarter valued at about $279,000. Finally, Macquarie Group Ltd. purchased a new position in Innoviva in the second quarter valued at about $756,000. Hedge funds and other institutional investors own 75.65% of the company’s stock.

About Innoviva

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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