Innoviva, Inc. (NASDAQ:INVA) Sees Significant Decline in Short Interest

Innoviva, Inc. (NASDAQ:INVA) was the recipient of a large decrease in short interest during the month of March. As of March 31st, there was short interest totalling 11,330,000 shares, a decrease of 13.0% from the March 15th total of 13,020,000 shares. Approximately 18.2% of the shares of the stock are sold short. Based on an average trading volume of 681,300 shares, the days-to-cover ratio is presently 16.6 days.

Institutional Trading of Innoviva

Institutional investors and hedge funds have recently made changes to their positions in the business. Quantbot Technologies LP purchased a new stake in shares of Innoviva in the third quarter valued at approximately $29,000. GAMMA Investing LLC increased its position in shares of Innoviva by 124.0% in the first quarter. GAMMA Investing LLC now owns 2,262 shares of the biotechnology company’s stock valued at $34,000 after buying an additional 1,252 shares in the last quarter. Tower Research Capital LLC TRC increased its position in shares of Innoviva by 70.8% in the second quarter. Tower Research Capital LLC TRC now owns 3,735 shares of the biotechnology company’s stock valued at $48,000 after buying an additional 1,548 shares in the last quarter. Captrust Financial Advisors increased its position in shares of Innoviva by 362.2% in the first quarter. Captrust Financial Advisors now owns 2,699 shares of the biotechnology company’s stock valued at $52,000 after buying an additional 2,115 shares in the last quarter. Finally, Point72 Hong Kong Ltd purchased a new stake in shares of Innoviva in the first quarter valued at approximately $76,000. 99.12% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on INVA shares. TheStreet upgraded Innoviva from a “c” rating to a “b-” rating in a report on Thursday, February 29th. StockNews.com upgraded Innoviva from a “hold” rating to a “buy” rating in a research note on Friday, March 29th.

Innoviva Trading Down 1.6 %

Innoviva stock opened at $14.40 on Tuesday. The company has a quick ratio of 7.96, a current ratio of 9.03 and a debt-to-equity ratio of 0.66. Innoviva has a 52 week low of $11.24 and a 52 week high of $16.86. The company has a market capitalization of $910.51 million, a price-to-earnings ratio of 6.61 and a beta of 0.57. The stock has a 50-day moving average price of $15.15 and a 200 day moving average price of $14.84.

Innoviva (NASDAQ:INVA) last announced its quarterly earnings results on Thursday, February 29th. The biotechnology company reported $0.76 earnings per share for the quarter. The company had revenue of $85.84 million during the quarter. Innoviva had a return on equity of 30.37% and a net margin of 57.89%.

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.