Short Interest in Innoviva (INVA) Decreases By 11.3%

Innoviva (NASDAQ:INVA) was the target of a significant decrease in short interest in the month of April. As of April 30th, there was short interest totalling 11,842,171 shares, a decrease of 11.3% from the April 13th total of 13,344,078 shares. Based on an average daily trading volume, of 1,262,701 shares, the short-interest ratio is presently 9.4 days. Approximately 17.7% of the company’s shares are sold short.

Several brokerages recently issued reports on INVA. Zacks Investment Research downgraded shares of Innoviva from a “buy” rating to a “hold” rating in a research note on Tuesday, May 1st. BidaskClub downgraded shares of Innoviva from a “buy” rating to a “hold” rating in a research note on Saturday, April 28th. Stifel Nicolaus cut their price target on shares of Innoviva from $17.00 to $16.00 and set a “hold” rating on the stock in a research note on Friday, April 27th. Berenberg Bank initiated coverage on shares of Innoviva in a research note on Thursday, April 19th. They set a “buy” rating on the stock. Finally, ValuEngine raised shares of Innoviva from a “hold” rating to a “buy” rating in a research note on Wednesday, March 7th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $13.67.

In related news, VP George B. Abercrombie sold 8,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $16.51, for a total transaction of $132,080.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Eric Desparbes sold 5,378 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $16.52, for a total transaction of $88,844.56. The disclosure for this sale can be found here. Corporate insiders own 1.44% of the company’s stock.

A number of large investors have recently bought and sold shares of the business. GSA Capital Partners LLP increased its position in shares of Innoviva by 20.7% in the first quarter. GSA Capital Partners LLP now owns 229,496 shares of the biotechnology company’s stock worth $3,826,000 after acquiring an additional 39,296 shares in the last quarter. Hsbc Holdings PLC acquired a new stake in shares of Innoviva in the first quarter worth $4,229,000. PNC Financial Services Group Inc. increased its position in shares of Innoviva by 19,209.4% in the first quarter. PNC Financial Services Group Inc. now owns 428,089 shares of the biotechnology company’s stock worth $7,137,000 after acquiring an additional 425,872 shares in the last quarter. Quantbot Technologies LP increased its position in shares of Innoviva by 106.1% in the first quarter. Quantbot Technologies LP now owns 21,769 shares of the biotechnology company’s stock worth $362,000 after acquiring an additional 11,208 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Innoviva by 32.8% in the first quarter. Dimensional Fund Advisors LP now owns 1,723,286 shares of the biotechnology company’s stock worth $28,727,000 after acquiring an additional 426,055 shares in the last quarter. 76.00% of the stock is currently owned by institutional investors.

Innoviva opened at $14.71 on Tuesday, Marketbeat.com reports. The company has a current ratio of 27.89, a quick ratio of 27.89 and a debt-to-equity ratio of -2.28. The company has a market cap of $1.50 billion, a price-to-earnings ratio of 12.57 and a beta of 2.12. Innoviva has a fifty-two week low of $14.62 and a fifty-two week high of $14.88.

Innoviva (NASDAQ:INVA) last posted its quarterly earnings results on Thursday, April 26th. The biotechnology company reported $0.27 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.50 by ($0.23). The company had revenue of $52.40 million for the quarter, compared to analysts’ expectations of $71.84 million. Innoviva had a negative return on equity of 63.57% and a net margin of 64.11%. The business’s revenue for the quarter was up 29.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.19 EPS. equities analysts predict that Innoviva will post 2.09 earnings per share for the current fiscal year.

About Innoviva

Innoviva, Inc engages in the development and commercialization of bio-pharmaceuticals. Its portfolio of respiratory products include RELVAR/BREO ELLIPTA, (fluticasone furoate/ vilanterol, FF/VI); ANORO ELLIPTA (umeclidinium bromide/ vilanterol, UMEC/VI); and TRELEGY ELLIPTA (the combination FF/UMEC/VI).

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