Innoviva Inc (NASDAQ:INVA) Short Interest Down 11.3% in July

Innoviva Inc (NASDAQ:INVA) saw a large drop in short interest during the month of July. As of July 31st, there was short interest totalling 12,481,300 shares, a drop of 11.3% from the June 30th total of 14,071,700 shares. Currently, 18.8% of the shares of the company are sold short. Based on an average trading volume of 882,300 shares, the short-interest ratio is currently 14.1 days.

Shares of NASDAQ INVA traded down $0.16 during trading on Wednesday, reaching $11.21. 445,829 shares of the company traded hands, compared to its average volume of 1,003,807. The company has a fifty day moving average price of $12.96. The firm has a market cap of $1.16 billion, a PE ratio of 3.18 and a beta of 1.54. Innoviva has a 12-month low of $10.93 and a 12-month high of $20.54. The company has a debt-to-equity ratio of 1.57, a quick ratio of 42.50 and a current ratio of 42.50.

Innoviva (NASDAQ:INVA) last released its quarterly earnings data on Wednesday, July 24th. The biotechnology company reported $0.34 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.42 by ($0.08). The company had revenue of $64.11 million for the quarter. Innoviva had a net margin of 146.60% and a return on equity of 307.49%. As a group, equities analysts expect that Innoviva will post 1.59 earnings per share for the current fiscal year.

A number of equities analysts have weighed in on INVA shares. TheStreet lowered Innoviva from a “b-” rating to a “c+” rating in a research note on Thursday, August 8th. Zacks Investment Research lowered Innoviva from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 17th. BidaskClub lowered Innoviva from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 24th. Finally, ValuEngine lowered Innoviva from a “sell” rating to a “strong sell” rating in a research note on Friday, July 26th.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of Innoviva in the 4th quarter valued at about $23,925,000. 13D Management LLC purchased a new position in shares of Innoviva in the 1st quarter valued at about $8,593,000. Renaissance Technologies LLC increased its stake in shares of Innoviva by 9.4% in the 2nd quarter. Renaissance Technologies LLC now owns 7,049,608 shares of the biotechnology company’s stock valued at $102,642,000 after purchasing an additional 604,320 shares in the last quarter. Marshall Wace LLP increased its stake in shares of Innoviva by 1,262.8% in the 2nd quarter. Marshall Wace LLP now owns 605,409 shares of the biotechnology company’s stock valued at $8,814,000 after purchasing an additional 560,984 shares in the last quarter. Finally, LSV Asset Management increased its stake in shares of Innoviva by 21.4% in the 2nd quarter. LSV Asset Management now owns 2,993,140 shares of the biotechnology company’s stock valued at $43,580,000 after purchasing an additional 527,269 shares in the last quarter. Institutional investors and hedge funds own 75.87% of the company’s stock.

Innoviva Company Profile

Innoviva, Inc engages in the development and commercialization of pharmaceuticals. The company has long-acting beta2 agonist (LABA) collaboration agreement with Glaxo Group Limited to develop and commercialize once-daily products for the treatment of chronic obstructive pulmonary disease and asthma. Its products include RELVAR/BREO ELLIPTA, a once-daily combination medicine consisting of a long-acting beta2 agonist (LABA), vilanterol (VI), an inhaled corticosteroid (ICS), and fluticasone furoate (FF); ANORO ELLIPTA, a once-daily medicine combining a long-acting muscarinic antagonist (LAMA), umeclidinium bromide (UMEC), with a LABA, and VI; and TRELEGY ELLIPTA, a once-daily combination medicine consisting of an ICS, LAMA and LABA.

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