Analysts at Scotiabank Initiate Coverage on Innoviva (NASDAQ:INVA)

On Friday, Scotiabank announced that they have started coverage on Innoviva (NASDAQ:INVA) in a research note aimed at investors. They assigned the biotechnology company a "sector outperform" rating and set a target price of $55.00 for its stock. This price target suggests a significant potential upside of approximately 212.68% from the stock's last close.

In a separate development, StockNews.com downgraded Innoviva's shares from a "buy" rating to a "hold" rating in a report released on Saturday, February 22nd.

Innoviva Stock Overview

As of the opening on Friday, Innoviva’s shares were priced at $17.59. The stock has a 50-day simple moving average of $18.03 and a 200-day simple moving average of $18.83. Financial indicators reveal a debt-to-equity ratio of 0.38, a quick ratio of 1.64, and a current ratio of 1.79. Over the past year, the stock has seen a low of $14.33 and a high of $21.28. The company's market capitalization is reported at $1.10 billion, with a price-to-earnings ratio of 25.49 and a beta of 0.56.

Recently, on February 26th, Innoviva reported its quarterly earnings results. The company achieved earnings of $0.57 per share for the quarter, maintaining a net margin of 18.31% and a return on equity of 20.84%. The total revenue for the quarter reached $91.81 million. Analysts predict that Innoviva will record an earnings per share of 0.33 for the current fiscal year.

Insider Stock Transactions

In other news, significant shareholder Alexander J. Denner conducted a sale of 1,196,746 shares of Innoviva on March 6th. The shares were sold for an average price of $17.52, totaling approximately $20,966,990. Post-sale, Denner now holds 5,658,705 shares in Innoviva, valued at around $99,140,512. This transaction reflects a 17.46% decrease in Denner's ownership. The details of this transaction have been disclosed in filings with the Securities and Exchange Commission. Currently, insiders own 1.70% of Innoviva's stock.

Institutional Investment Activity

Furthermore, there has been notable activity among institutional investors regarding Innoviva's shares. Martingale Asset Management L P increased its stake in the company by 0.7% in the third quarter, now holding 77,842 shares valued at $1,503,000. Similarly, US Bancorp DE boosted its holdings by 24.5% during the same period, now controlling 2,875 shares worth $56,000. BOKF NA grew its position in Innoviva by 2.3% in the fourth quarter, owning 28,648 shares valued at $495,000 after acquiring an additional 641 shares.

FMR LLC also raised its stakes by 8.2% in the third quarter, increasing its holdings to 10,119 shares worth $195,000. Lastly, the Illinois Municipal Retirement Fund enhanced its investment by 2.8% in the fourth quarter, resulting in 29,066 shares owned, valued at $504,000. A considerable 99.12% of Innoviva's stock is currently owned by institutional investors.

Overview of Innoviva, Inc.

Innoviva, Inc. focuses on developing and commercializing pharmaceutical products across the United States and internationally. Their product portfolio includes RELVAR/BREO ELLIPTA, a combination medicine consisting of a long-acting beta agonist (LABA) and an inhaled corticosteroid; ANORO ELLIPTA, which combines a long-acting muscarinic antagonist and a LABA; GIAPREZA, a vasoconstrictor used to increase blood pressure; XERAVA, an antibiotic for complicated intra-abdominal infections; and XACDURO, a beta lactamase inhibitor for treating hospital-acquired pneumonia.

Stocks, Biotechnology, Investing