Innoviva (NASDAQ:INVA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Saturday.
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. “
INVA has been the topic of several other research reports. Morgan Stanley reiterated an “underweight” rating and set a $8.00 price objective (up previously from $7.00) on shares of Innoviva in a report on Friday, October 6th. Deutsche Bank started coverage on Innoviva in a report on Monday, November 20th. They set a “hold” rating and a $13.00 price objective on the stock. Robert W. Baird reiterated a “hold” rating and set a $13.00 price objective on shares of Innoviva in a report on Tuesday, October 24th. Cowen set a $16.00 price objective on Innoviva and gave the company a “buy” rating in a report on Monday, October 23rd. Finally, BidaskClub upgraded Innoviva from a “hold” rating to a “buy” rating in a report on Thursday, December 21st. Two analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. Innoviva has a consensus rating of “Hold” and an average target price of $13.50.
In other Innoviva news, insider Michael W. Aguiar sold 12,022 shares of the business’s stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $13.13, for a total value of $157,848.86. Following the sale, the insider now owns 980,907 shares in the company, valued at approximately $12,879,308.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP George B. Abercrombie sold 5,215 shares of the business’s stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $13.26, for a total value of $69,150.90. Following the completion of the sale, the vice president now owns 263,866 shares in the company, valued at approximately $3,498,863.16. The disclosure for this sale can be found here. Insiders sold a total of 32,522 shares of company stock worth $429,985 in the last 90 days. Company insiders own 1.60% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sei Investments Co. lifted its stake in Innoviva by 33,810.3% in the 3rd quarter. Sei Investments Co. now owns 9,834 shares of the biotechnology company’s stock valued at $138,000 after acquiring an additional 9,805 shares in the last quarter. Macquarie Group Ltd. bought a new stake in Innoviva in the 3rd quarter valued at approximately $144,000. Jane Street Group LLC bought a new stake in Innoviva in the 3rd quarter valued at approximately $144,000. Cubist Systematic Strategies LLC lifted its stake in Innoviva by 37.8% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 13,005 shares of the biotechnology company’s stock valued at $166,000 after acquiring an additional 3,569 shares in the last quarter. Finally, Magnetar Financial LLC bought a new stake in Innoviva in the 3rd quarter valued at approximately $182,000. Hedge funds and other institutional investors own 74.31% of the company’s stock.
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Innoviva, Inc, formerly Theravance, Inc, is engaged in the development, commercialization and financial management of bio-pharmaceuticals. It focuses on the respiratory assets partnered with Glaxo Group Limited (GSK), including RELVAR/BREO ELLIPTA (fluticasone furoate (FF)/vilanterol (VI)) and ANORO ELLIPTA (umeclidinium bromide/vilanterol (UMEC/VI)).
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