Shares of Innoviva Inc. (NASDAQ:INVA) dropped 2.7% during mid-day trading on Monday . The company traded as low as $11.00 and last traded at $11.07, with a volume of 184,780 shares traded. The stock had previously closed at $11.38.

INVA has been the subject of a number of research analyst reports. Zacks Investment Research downgraded shares of Innoviva from a “buy” rating to a “hold” rating in a report on Monday, May 2nd. TheStreet upgraded shares of Innoviva from a “sell” rating to a “hold” rating in a research note on Thursday, July 28th. Finally, Robert W. Baird reiterated a “neutral” rating and issued a $11.00 target price (up previously from $9.00) on shares of Innoviva in a research note on Sunday, July 31st. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $11.67.

The company’s 50-day moving average price is $11.99 and its 200-day moving average price is $11.87. The stock has a market capitalization of $1.22 billion and a P/E ratio of 66.42.

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

In related news, CFO Eric Desparbes sold 3,700 shares of the firm’s stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $11.77, for a total value of $43,549.00. Following the completion of the sale, the chief financial officer now directly owns 239,893 shares in the company, valued at $2,823,540.61. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

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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