Shares of Innoviva Inc. (NASDAQ:INVA) shot up 3.6% during trading on Wednesday . The stock traded as high as $12.16 and last traded at $11.85, with a volume of 357,846 shares. The stock had previously closed at $11.44.

Separately, Zacks Investment Research downgraded Innoviva from a “buy” rating to a “hold” rating in a research report on Wednesday, April 13th. Four analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. Innoviva currently has a consensus rating of “Buy” and a consensus target price of $11.33.

The company’s market cap is $1.33 billion. The firm’s 50-day moving average is $11.24 and its 200-day moving average is $11.48.

Innoviva, Inc, formerly Theravance, Inc, focuses on bringing new medicines to patients in areas of unmet need. The Company is engaged in the development, commercialization and financial management of bio-pharmaceuticals. Its portfolio focuses on the respiratory assets partnered with Glaxo Group Limited (GSK), including RELVAR/BREO ELLIPTA (fluticasone furoate/vilanterol (FF/VI)) and ANORO ELLIPTA (umeclidinium bromide/vilanterol (UMEC/VI)).

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