Innoviva, Inc. $INVA Shares Sold by Charles Schwab Investment Management Inc.

Key Points

• Charles Schwab Investment Management Inc. reduced its stock position in Innoviva, Inc. by 2.8%, holding 609,805 shares worth approximately $11 million as of its latest SEC filing.
• Other institutional investors have increased their stakes, with Tower Research Capital growing its position by 75.1%, and overall, hedge funds and institutional investors own 99.12% of Innoviva's stock.
• Analysts maintain a consensus rating of "Buy" for Innoviva, with price targets as high as $45.00, following positive earnings results that exceeded expectations.

Charles Schwab Investment Management Inc. decreased its stake in Innoviva, Inc. (NASDAQ:INVA - Free Report) by 2.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 609,805 shares of the biotechnology company's stock after selling 17,857 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.97% of Innoviva worth $11,056,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. SG Americas Securities LLC purchased a new stake in shares of Innoviva in the first quarter worth about $737,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in 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 worth $546,000 after acquiring an additional 1,162 shares during the last quarter. Principal Financial Group Inc. increased its stake in Innoviva by 2.6% during the first quarter. Principal Financial Group Inc. now owns 305,476 shares of the biotechnology company's stock worth $5,538,000 after acquiring an additional 7,700 shares during the last quarter. Farther Finance Advisors LLC increased its stake in Innoviva by 10.3% during 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 last quarter. Finally, US Bancorp DE increased its stake in Innoviva by 356.0% during the first 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 during the last quarter. Hedge funds and other institutional investors own 99.12% of the company's stock.

Innoviva Stock Performance

INVA stock traded up $0.40 during midday trading on Friday, hitting $20.43. 650,802 shares of the stock traded hands, compared to its average volume of 816,083. The firm has a market cap of $1.29 billion, a P/E ratio of 65.91 and a beta of 0.38. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.64 and a quick ratio of 2.44. The stock's fifty day simple moving average is $19.55 and its 200-day simple moving average is $18.92. Innoviva, Inc. has a 1-year low of $16.67 and a 1-year high of $22.00.

Innoviva (NASDAQ:INVA - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The biotechnology company reported $0.77 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 net margin of 10.44% and a return on equity of 18.67%. On average, analysts expect that Innoviva, Inc. will post 0.33 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have issued reports on INVA. Cantor Fitzgerald began coverage on Innoviva in a research report on Friday, July 11th. They set an "overweight" rating and a $26.00 target price for the company. Oppenheimer initiated coverage on shares of Innoviva in a report on Monday, August 11th. They issued an "outperform" rating and a $45.00 price target on the stock. Wall Street Zen downgraded shares of Innoviva from a "strong-buy" rating to a "buy" rating in a research note on Sunday, August 24th. Finally, HC Wainwright lifted their price objective on shares of Innoviva from $40.00 to $45.00 and gave the stock a "buy" rating in a research note on Monday, August 11th. Four research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $42.75.

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.