Innoviva, Inc. $INVA Shares Sold by Bridgeway Capital Management LLC

Key Points

• Bridgeway Capital Management LLC has reduced its stake in Innoviva, Inc. by 12.8%, now owning about 0.26% of the company, valued at approximately $2.94 million.
• Innoviva reported an earnings per share (EPS) of $0.77, exceeding analysts' estimates of $0.57 and generating revenue of $100.28 million compared to expected $87.10 million.
• Analysts have raised their price targets for Innoviva, with a new average target of $42.75, indicating a generally favorable sentiment towards the stock.

Bridgeway Capital Management LLC reduced its stake in Innoviva, Inc. (NASDAQ:INVA - Free Report) by 12.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 162,028 shares of the biotechnology company's stock after selling 23,831 shares during the period. Bridgeway Capital Management LLC owned 0.26% of Innoviva worth $2,938,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. SG Americas Securities LLC purchased a new position in Innoviva during the 1st quarter worth $737,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Innoviva by 3.8% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 31,490 shares of the biotechnology company's stock valued at $546,000 after buying an additional 1,162 shares during the period. Principal Financial Group Inc. raised its holdings in shares of Innoviva by 2.6% in the first quarter. Principal Financial Group Inc. now owns 305,476 shares of the biotechnology company's stock valued at $5,538,000 after acquiring an additional 7,700 shares in the last quarter. Farther Finance Advisors LLC lifted its stake in Innoviva by 10.3% in the first quarter. Farther Finance Advisors LLC now owns 8,516 shares of the biotechnology company's stock worth $153,000 after acquiring an additional 795 shares during the period. Finally, US Bancorp DE grew its holdings in Innoviva by 356.0% during the 1st quarter. US Bancorp DE now owns 12,753 shares of the biotechnology company's stock worth $231,000 after acquiring an additional 9,956 shares in the last quarter. Institutional investors own 99.12% of the company's stock.

Analysts Set New Price Targets

INVA has been the subject of several recent research reports. Wall Street Zen upgraded shares of Innoviva from a "buy" rating to a "strong-buy" rating in a report on Monday, September 1st. Cantor Fitzgerald assumed coverage on shares of Innoviva in a research note on Friday, July 11th. They issued an "overweight" rating and a $26.00 price objective for the company. HC Wainwright increased their target price on Innoviva from $40.00 to $45.00 and gave the company a "buy" rating in a research report on Monday, August 11th. Finally, Oppenheimer assumed coverage on Innoviva in a research report on Monday, August 11th. They issued an "outperform" rating and a $45.00 price target for the company. Four equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $42.75.

Innoviva Stock Down 0.3%

Shares of INVA traded down $0.06 during midday trading on Friday, hitting $19.37. 623,909 shares of the company's stock traded hands, compared to its average volume of 654,719. Innoviva, Inc. has a 1 year low of $16.67 and a 1 year high of $22.00. The firm's fifty day moving average is $19.61 and its 200-day moving average is $19.07. The company has a current ratio of 2.64, a quick ratio of 2.44 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of 62.49 and a beta of 0.47.

Innoviva (NASDAQ:INVA - Get Free Report) last announced its earnings results on Wednesday, August 6th. The biotechnology company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.20. The company had revenue of $100.28 million for the quarter, compared to analyst estimates of $87.10 million. Innoviva had a return on equity of 18.67% and a net margin of 10.44%. As a group, sell-side analysts anticipate that Innoviva, Inc. will post 0.33 earnings per share for the current year.

About Innoviva

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.