Bank of America Corp DE Has $18.46 Million Position in Innoviva, Inc. (NASDAQ:INVA)

Bank of America Corp DE cut its stake in Innoviva, Inc. (NASDAQ:INVA - Free Report) by 5.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,063,864 shares of the biotechnology company's stock after selling 64,713 shares during the quarter. Bank of America Corp DE owned about 1.70% of Innoviva worth $18,458,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Barclays PLC increased its holdings in Innoviva by 254.2% in the third quarter. Barclays PLC now owns 100,594 shares of the biotechnology company's stock valued at $1,942,000 after buying an additional 72,192 shares during the last quarter. Exchange Traded Concepts LLC boosted its position in shares of Innoviva by 4.7% during the fourth quarter. Exchange Traded Concepts LLC now owns 162,005 shares of the biotechnology company's stock worth $2,811,000 after buying an additional 7,220 shares during the period. KBC Group NV boosted its position in shares of Innoviva by 73.9% during the fourth quarter. KBC Group NV now owns 4,100 shares of the biotechnology company's stock worth $71,000 after buying an additional 1,743 shares during the period. Pacer Advisors Inc. lifted its position in Innoviva by 4.3% in the fourth quarter. Pacer Advisors Inc. now owns 2,932,113 shares of the biotechnology company's stock worth $50,872,000 after purchasing an additional 121,162 shares during the period. Finally, China Universal Asset Management Co. Ltd. lifted its position in Innoviva by 10.3% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 13,274 shares of the biotechnology company's stock worth $230,000 after purchasing an additional 1,241 shares during the period. 99.12% of the stock is owned by hedge funds and other institutional investors.

Innoviva Stock Performance

INVA stock traded up $0.15 during mid-day trading on Monday, reaching $18.97. 808,174 shares of the stock traded hands, compared to its average volume of 637,670. The company has a quick ratio of 1.64, a current ratio of 1.79 and a debt-to-equity ratio of 0.38. Innoviva, Inc. has a 52 week low of $15.20 and a 52 week high of $21.28. The business has a 50-day moving average of $18.15 and a two-hundred day moving average of $18.22. The firm has a market capitalization of $1.19 billion, a PE ratio of 27.49 and a beta of 0.35.

Innoviva (NASDAQ:INVA - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The biotechnology company reported $0.25 earnings per share for the quarter. The company had revenue of $88.63 million during the quarter. Innoviva had a net margin of 18.31% and a return on equity of 20.84%. As a group, equities analysts predict that Innoviva, Inc. will post 0.33 EPS for the current fiscal year.

Insider Activity at Innoviva

In related news, major shareholder Alexander J. Denner sold 1,196,746 shares of Innoviva stock in a transaction on Thursday, March 6th. The stock was 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. The trade was a 17.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.25% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on INVA shares. Wall Street Zen upgraded Innoviva from a "hold" rating to a "buy" rating in a research report on Wednesday, April 30th. Scotiabank started coverage on shares of Innoviva in a report on Friday, March 7th. They issued a "sector outperform" rating and a $55.00 price objective for the company.

Innoviva Company 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.