Innoviva (NASDAQ:INVA) Shares Gap Up – Still a Buy?

Innoviva, Inc. (NASDAQ:INVA) gapped up before the market opened on Wednesday . The stock had previously closed at $20.32, but opened at $21.24. Innoviva shares last traded at $20.90, with a volume of 93,908 shares changing hands.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. StockNews.com lowered Innoviva from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, August 6th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Innoviva in a research report on Tuesday, July 30th.

Innoviva Trading Down 4.3 %

The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.64 and a current ratio of 1.79. The company has a 50 day simple moving average of $19.65 and a two-hundred day simple moving average of $17.93. The firm has a market cap of $1.20 billion, a PE ratio of 27.88 and a beta of 0.57.

Innoviva (NASDAQ:INVA) last issued its earnings results on Wednesday, November 6th. The biotechnology company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.25). Innoviva had a return on equity of 20.84% and a net margin of 18.31%. The company had revenue of $89.51 million during the quarter. Analysts expect that Innoviva, Inc. will post 0.33 EPS for the current fiscal year.

Hedge Funds Weigh In On Innoviva

A number of hedge funds have recently made changes to their positions in INVA. American Century Companies Inc. raised its holdings in shares of Innoviva by 369.6% during the second quarter. American Century Companies Inc. now owns 459,690 shares of the biotechnology company’s stock valued at $7,539,000 after acquiring an additional 361,797 shares during the last quarter. Boston Partners raised its holdings in shares of Innoviva by 90.3% during the first quarter. Boston Partners now owns 391,456 shares of the biotechnology company’s stock valued at $5,966,000 after acquiring an additional 185,784 shares during the last quarter. Marshall Wace LLP raised its holdings in shares of Innoviva by 823.3% during the second quarter. Marshall Wace LLP now owns 204,752 shares of the biotechnology company’s stock valued at $3,358,000 after acquiring an additional 182,575 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in shares of Innoviva in the second quarter valued at approximately $2,198,000. Finally, Denali Advisors LLC increased its holdings in shares of Innoviva by 34.9% in the second quarter. Denali Advisors LLC now owns 439,786 shares of the biotechnology company’s stock valued at $7,212,000 after purchasing an additional 113,700 shares during the last quarter. Institutional investors and hedge funds own 99.12% of the company’s stock.

Innoviva Company Profile

Innoviva, Inc engages in the development and commercialization of pharmaceutical products in the United States and internationally. The company’s products include RELVAR/BREO ELLIPTA, a once-daily combination medicine consisting of a LABA, vilanterol (VI), an inhaled corticosteroid (ICS), and fluticasone furoate; ANORO ELLIPTA, a once-daily medicine combining a long-acting muscarinic antagonist (LAMA) and umeclidinium bromide (UMEC) with a LABA, VI; GIAPREZA (angiotensin II), a vasoconstrictor to increase blood pressure in adults with septic or other distributive shock; XERAVA (eravacycline) for the treatment of complicated intra-abdominal infections in adults; and XACDURO, a beta lactamase inhibitor for the treatment of hospital-acquired bacterial pneumonia and ventilator-associated bacterial pneumonia.