Innoviva Inc. (NASDAQ:INVA) dropped 2.8% during trading on Wednesday . The stock traded as low as $11.89 and last traded at $12.08, with a volume of 503,348 shares trading hands. The stock had previously closed at $12.43.

INVA has been the subject of several research analyst reports. Zacks Investment Research downgraded shares of Innoviva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 10th. Robert W. Baird restated a “neutral” rating and issued a $11.00 price target (up previously from $9.00) on shares of Innoviva in a research report on Sunday, July 31st. Finally, TheStreet upgraded shares of Innoviva from a “sell” rating to a “hold” rating in a research report on Thursday, July 28th. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Innoviva presently has an average rating of “Hold” and a consensus price target of $11.67.

The company has a market cap of $1.34 billion and a PE ratio of 72.79. The firm’s 50-day moving average is $11.92 and its 200-day moving average is $11.82.

Innoviva (NASDAQ:INVA) last posted its earnings results on Thursday, July 28th. The company reported $0.17 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.11 by $0.06. The company had revenue of $32.47 million for the quarter, compared to analysts’ expectations of $31.13 million. The firm’s quarterly revenue was up 204.6% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.07) EPS. Equities research analysts expect that Innoviva Inc. will post $0.62 earnings per share for the current year.

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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