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

A number of equities research analysts have issued reports on the stock. TheStreet raised shares of Innoviva from a “sell” rating to a “hold” rating in a research note on Thursday, July 28th. Robert W. Baird reissued a “neutral” rating and set a $11.00 target price (up previously from $9.00) on shares of Innoviva in a research note on Sunday, July 31st. Finally, Zacks Investment Research lowered shares of Innoviva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 10th. Six research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $11.67.

The firm’s 50-day moving average price is $11.97 and its 200-day moving average price is $11.82. The firm has a market cap of $1.31 billion and a price-to-earnings ratio of 71.58.

Innoviva (NASDAQ:INVA) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.17 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.11 by $0.06. The business had revenue of $32.47 million for the quarter, compared to the consensus estimate of $31.13 million. The company’s quarterly revenue was up 204.6% on a year-over-year basis. During the same period last year, the firm earned ($0.07) earnings per share. Analysts forecast that Innoviva Inc. will post $0.62 earnings per share for the current fiscal 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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