Innoviva, Inc. (NASDAQ:INVA) Short Interest Update

Innoviva, Inc. (NASDAQ:INVA) experienced a noteworthy decline in short interest during January. By January 31st, the total short interest was recorded at 8,810,000 shares, reflecting a 10.2% decrease from the 9,810,000 shares reported on January 15th. With an average daily trading volume of 680,800 shares, the current days-to-cover ratio stands at 12.9 days. Furthermore, roughly 14.2% of the company's shares are currently short sold.

Wall Street Analysts Forecast Growth

In related news, StockNews.com has downgraded Innoviva’s shares from a "buy" rating to a "hold" rating in a recent research report released last Thursday.

Institutional Investors Weigh In On Innoviva

Recently, several institutional investors and hedge funds have either increased or decreased their holdings in Innoviva. For instance, US Bancorp DE raised its stake by 24.5% during the third quarter, now owning 2,875 shares valued at $56,000 after acquiring an additional 566 shares. Similarly, KBC Group NV boosted its holdings by 73.9% in the fourth quarter, owning 4,100 shares valued at $71,000, following an additional purchase of 1,743 shares. Furthermore, Tower Research Capital LLC TRC increased its stake by 75.1% in the fourth quarter, acquiring 4,962 shares valued at $86,000 after buying 2,128 more shares. Another notable investment came from FMR LLC, which grew its stake by 8.2% in the third quarter, now holding 10,119 shares valued at $195,000 after purchasing 771 extra shares. Lastly, New Age Alpha Advisors LLC initiated a new position in Innoviva in the fourth quarter with an investment of approximately $176,000. It is worth mentioning that institutional investors collectively hold 99.12% of the company’s stock.

Innoviva Stock Down 0.8 %

On Monday, Innoviva's stock traded down $0.14, reaching $18.08. The trading volume for the day was 263,826 shares, compared to an average volume of 575,875 shares. The company boasts a market capitalization of $1.13 billion, a PE ratio of 26.20, and a beta of 0.55. Over the past year, Innoviva has seen a low of $14.32 and a high of $21.28. The stock's 50-day moving average price is $18.11, while the 200-day moving average price is $18.88. Moreover, the company has a quick ratio of 1.64, a current ratio of 1.79, and a debt-to-equity ratio of 0.38.

Innoviva Company Profile

Innoviva, Inc. focuses on the development and commercialization of pharmaceutical products both in the U.S. and worldwide. The company's portfolio includes RELVAR/BREO ELLIPTA, an inhaled combination medicine taken once daily that contains vilanterol, a long-acting beta-adrenergic agonist (LABA), and fluticasone furoate, an inhaled corticosteroid (ICS). Other products include ANORO ELLIPTA, which combines umeclidinium bromide, a long-acting muscarinic antagonist (LAMA), with vilanterol LABA for once-daily dosing; GIAPREZA, a vasoconstrictor for treating adults with severe low blood pressure; and XERAVA, an antibiotic used for treating infection surgeries. Additionally, they offer XACDURO, a beta lactamase inhibitor designed for treating severe bacterial pneumonia.

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