Innoviva (NASDAQ:INVA) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research downgraded shares of Innoviva (NASDAQ:INVA) from a hold rating to a sell 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. “

NASDAQ:INVA opened at $16.69 on Wednesday. The stock’s 50-day simple moving average is $15.94 and its 200 day simple moving average is $13.90. Innoviva has a twelve month low of $9.21 and a twelve month high of $17.45. The firm has a market capitalization of $1.16 billion, a PE ratio of 6.73 and a beta of 0.55. The company has a quick ratio of 27.60, a current ratio of 27.60 and a debt-to-equity ratio of 0.99.

Innoviva (NASDAQ:INVA) last announced its quarterly earnings results on Wednesday, July 28th. The biotechnology company reported $0.90 EPS for the quarter, beating the Zacks’ consensus estimate of $0.29 by $0.61. Innoviva had a return on equity of 51.66% and a net margin of 72.56%. The firm had revenue of $100.81 million for the quarter. On average, analysts anticipate that Innoviva will post 1.66 EPS for the current fiscal year.

In related news, CAO Marianne Zhen sold 2,802 shares of Innoviva stock in a transaction that occurred on Thursday, August 19th. The stock was sold at an average price of $16.02, for a total value of $44,888.04. Following the transaction, the chief accounting officer now directly owns 36,493 shares of the company’s stock, valued at $584,617.86. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.43% of the company’s stock.

Several institutional investors have recently bought and sold shares of INVA. First Trust Advisors LP increased its holdings in Innoviva by 73.3% in the first quarter. First Trust Advisors LP now owns 219,037 shares of the biotechnology company’s stock worth $3,073,000 after purchasing an additional 92,637 shares in the last quarter. BlackRock Inc. increased its holdings in Innoviva by 1.7% in the first quarter. BlackRock Inc. now owns 11,349,416 shares of the biotechnology company’s stock worth $135,626,000 after purchasing an additional 188,870 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Innoviva by 34.2% in the first quarter. JPMorgan Chase & Co. now owns 199,423 shares of the biotechnology company’s stock worth $2,383,000 after purchasing an additional 50,784 shares in the last quarter. Ensign Peak Advisors Inc increased its holdings in Innoviva by 15.6% in the first quarter. Ensign Peak Advisors Inc now owns 72,501 shares of the biotechnology company’s stock worth $866,000 after purchasing an additional 9,800 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in Innoviva by 13.4% in the first quarter. Geode Capital Management LLC now owns 1,141,341 shares of the biotechnology company’s stock worth $13,639,000 after purchasing an additional 135,244 shares in the last quarter.

About Innoviva

Innoviva, Inc is engaged in the development, commercialization, and financial management of bio-pharmaceuticals. 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.

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