Innoviva (NASDAQ:INVA) Shares Gap Up – Here’s What Happened

Innoviva, Inc. (NASDAQ:INVA) gapped up prior to trading 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.

Wall Street Analyst Weigh In

INVA has been the topic of several analyst reports. StockNews.com lowered Innoviva from a “strong-buy” rating to a “buy” rating in a report on Tuesday, August 6th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Innoviva in a research note on Tuesday, July 30th.

Innoviva Trading Down 0.8 %

The firm’s 50-day simple moving average is $19.64 and its 200 day simple moving average is $17.90. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.79 and a quick ratio of 1.64. The firm has a market capitalization of $1.26 billion, a price-to-earnings ratio of 29.46 and a beta of 0.57.

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

Institutional Investors Weigh In On Innoviva

A number of institutional investors have recently added to or reduced their stakes in INVA. American Century Companies Inc. raised its stake 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 lifted its holdings in Innoviva by 90.3% during the 1st quarter. Boston Partners now owns 391,456 shares of the biotechnology company’s stock worth $5,966,000 after buying an additional 185,784 shares during the period. Marshall Wace LLP grew its position in shares of Innoviva by 823.3% in the 2nd quarter. Marshall Wace LLP now owns 204,752 shares of the biotechnology company’s stock valued at $3,358,000 after buying 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 about $2,198,000. Finally, Denali Advisors LLC raised its position in shares of Innoviva by 34.9% during the second quarter. Denali Advisors LLC now owns 439,786 shares of the biotechnology company’s stock worth $7,212,000 after acquiring an additional 113,700 shares during the last quarter. 99.12% of the stock is owned by institutional investors.

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.