Victory Capital Management Inc. cut its position in Innoviva Inc (NASDAQ:INVA) by 12.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 387,549 shares of the biotechnology company’s stock after selling 54,365 shares during the quarter. Victory Capital Management Inc.’s holdings in Innoviva were worth $5,437,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Oregon Public Employees Retirement Fund purchased a new position in Innoviva in the fourth quarter valued at $26,000. Quadrant Capital Group LLC purchased a new position in Innoviva in the first quarter valued at $27,000. Financial Gravity Companies Inc. purchased a new position in Innoviva in the fourth quarter valued at $40,000. Fort L.P. purchased a new position in Innoviva in the fourth quarter valued at $90,000. Finally, Meeder Asset Management Inc. purchased a new position in Innoviva in the first quarter valued at $160,000. 77.06% of the stock is owned by institutional investors and hedge funds.
NASDAQ INVA traded up $0.22 during trading on Friday, reaching $14.63. 1,852 shares of the company’s stock were exchanged, compared to its average volume of 1,134,242. Innoviva Inc has a 1 year low of $13.07 and a 1 year high of $20.54. The company has a debt-to-equity ratio of 1.93, a current ratio of 66.01 and a quick ratio of 66.02. The company has a market capitalization of $1.48 billion, a price-to-earnings ratio of 4.13 and a beta of 1.82.
Innoviva (NASDAQ:INVA) last announced its earnings results on Wednesday, May 1st. The biotechnology company reported $0.31 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by ($0.05). The business had revenue of $55.18 million for the quarter. Innoviva had a net margin of 151.35% and a return on equity of 1,674.72%. As a group, equities research analysts expect that Innoviva Inc will post 1.62 earnings per share for the current year.
A number of research analysts recently issued reports on the company. Zacks Investment Research upgraded Innoviva from a “hold” rating to a “strong-buy” rating and set a $16.00 target price for the company in a report on Wednesday, April 17th. BidaskClub upgraded Innoviva from a “sell” rating to a “hold” rating in a report on Friday, April 5th. Finally, ValuEngine raised Innoviva from a “sell” rating to a “hold” rating in a report on Monday, February 25th.
In other news, insider Marianne Zhen sold 5,617 shares of the stock in a transaction dated Tuesday, February 26th. The stock was sold at an average price of $16.00, for a total value of $89,872.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director George Bickerstaff acquired 15,000 shares of the business’s stock in a transaction dated Wednesday, February 27th. The stock was purchased at an average cost of $15.90 per share, for a total transaction of $238,500.00. The disclosure for this purchase can be found here. 0.18% of the stock is currently owned by corporate insiders.
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Innoviva, Inc engages in the development and commercialization of pharmaceuticals. The company has long-acting beta2 agonist (LABA) collaboration agreement with Glaxo Group Limited to develop and commercialize once-daily products for the treatment of chronic obstructive pulmonary disease and asthma. Its products include RELVAR/BREO ELLIPTA, a once-daily combination medicine consisting of a long-acting beta2 agonist (LABA), vilanterol (VI), an inhaled corticosteroid (ICS), and fluticasone furoate (FF); ANORO ELLIPTA, a once-daily medicine combining a long-acting muscarinic antagonist (LAMA), umeclidinium bromide (UMEC), with a LABA, and VI; and TRELEGY ELLIPTA, a once-daily combination medicine consisting of an ICS, LAMA and LABA.
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