Comerica Bank Cuts Stake in Innoviva, Inc. (NASDAQ:INVA)

Comerica Bank lowered its holdings in shares of Innoviva, Inc. (NASDAQ:INVA - Free Report) by 87.4% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 20,269 shares of the biotechnology company's stock after selling 141,150 shares during the quarter. Comerica Bank's holdings in Innoviva were worth $352,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. KBC Group NV increased its position in shares of Innoviva by 73.9% during the 4th quarter. KBC Group NV now owns 4,100 shares of the biotechnology company's stock valued at $71,000 after purchasing an additional 1,743 shares during the last quarter. Tower Research Capital LLC TRC increased its position in shares of Innoviva by 75.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 4,962 shares of the biotechnology company's stock valued at $86,000 after purchasing an additional 2,128 shares during the last quarter. New Age Alpha Advisors LLC purchased a new stake in shares of Innoviva during the 4th quarter valued at about $176,000. China Universal Asset Management Co. Ltd. increased its position in shares of Innoviva by 10.3% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 13,274 shares of the biotechnology company's stock valued at $230,000 after purchasing an additional 1,241 shares during the last quarter. Finally, Entropy Technologies LP purchased a new stake in shares of Innoviva during the 4th quarter valued at about $248,000. Hedge funds and other institutional investors own 99.12% of the company's stock.

Innoviva Stock Performance

NASDAQ INVA traded down $0.13 on Thursday, reaching $18.82. 533,711 shares of the stock were exchanged, compared to its average volume of 634,586. Innoviva, Inc. has a one year low of $15.20 and a one year high of $21.28. The firm has a market capitalization of $1.18 billion, a PE ratio of 27.28 and a beta of 0.35. The company's 50-day simple moving average is $18.08 and its two-hundred day simple moving average is $18.26. The company has a current ratio of 1.79, a quick ratio of 1.64 and a debt-to-equity ratio of 0.38.

Innoviva (NASDAQ:INVA - Get Free Report) last released its earnings results on Wednesday, May 7th. The biotechnology company reported $0.25 EPS for the quarter. Innoviva had a net margin of 18.31% and a return on equity of 20.84%. The company had revenue of $88.63 million for the quarter. Analysts expect that Innoviva, Inc. will post 0.33 EPS for the current fiscal year.

Insiders Place Their Bets

In other Innoviva news, major shareholder Alexander J. Denner sold 1,196,746 shares of the stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $17.52, for a total transaction of $20,966,989.92. Following the completion of the sale, the insider now directly owns 5,658,705 shares of the company's stock, valued at $99,140,511.60. This trade represents a 17.46% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.25% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

INVA has been the subject of several research reports. Wall Street Zen raised shares of Innoviva from a "hold" rating to a "buy" rating in a research report on Wednesday, April 30th. Scotiabank initiated coverage on shares of Innoviva in a research report on Friday, March 7th. They set a "sector outperform" rating and a $55.00 price target for the company.

Innoviva Profile

Innoviva, Inc engages in the development and commercialization of pharmaceutical products in the United States and internationally. The company's products include RELVAR/BREO ELLIPTA, a once-daily combination medicine consisting of a LABA, vilanterol (VI), an inhaled corticosteroid (ICS), and fluticasone furoate; ANORO ELLIPTA, a once-daily medicine combining a long-acting muscarinic antagonist (LAMA) and umeclidinium bromide (UMEC) with a LABA, VI; GIAPREZA (angiotensin II), a vasoconstrictor to increase blood pressure in adults with septic or other distributive shock; XERAVA (eravacycline) for the treatment of complicated intra-abdominal infections in adults; and XACDURO, a beta lactamase inhibitor for the treatment of hospital-acquired bacterial pneumonia and ventilator-associated bacterial pneumonia.