Denali Advisors LLC Purchases 22,282 Shares of Innoviva, Inc. (NASDAQ:INVA)

Denali Advisors LLC increased its stake in shares of Innoviva, Inc. (NASDAQ:INVA - Free Report) by 6.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 376,606 shares of the biotechnology company's stock after buying an additional 22,282 shares during the quarter. Innoviva comprises approximately 0.8% of Denali Advisors LLC's holdings, making the stock its 25th largest position. Denali Advisors LLC owned 0.60% of Innoviva worth $6,828,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. American Century Companies Inc. boosted its holdings in shares of Innoviva by 35.2% in the fourth quarter. American Century Companies Inc. now owns 1,424,315 shares of the biotechnology company's stock worth $24,712,000 after buying an additional 370,795 shares during the period. Millennium Management LLC boosted its holdings in shares of Innoviva by 426.4% in the fourth quarter. Millennium Management LLC now owns 400,613 shares of the biotechnology company's stock worth $6,951,000 after buying an additional 324,515 shares during the period. Hsbc Holdings PLC acquired a new position in shares of Innoviva in the fourth quarter worth about $5,437,000. Victory Capital Management Inc. boosted its holdings in shares of Innoviva by 132.4% in the first quarter. Victory Capital Management Inc. now owns 412,281 shares of the biotechnology company's stock worth $7,475,000 after buying an additional 234,898 shares during the period. Finally, Jefferies Financial Group Inc. boosted its holdings in shares of Innoviva by 355.8% in the fourth quarter. Jefferies Financial Group Inc. now owns 296,238 shares of the biotechnology company's stock worth $5,140,000 after buying an additional 231,238 shares during the period. 99.12% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Innoviva from a "hold" rating to a "buy" rating in a research note on Wednesday, April 30th. Cantor Fitzgerald initiated coverage on Innoviva in a research report on Friday, July 11th. They set an "overweight" rating and a $26.00 price objective for the company. Finally, HC Wainwright initiated coverage on Innoviva in a research report on Monday, July 14th. They set a "buy" rating and a $40.00 price objective for the company.

Innoviva Trading Down 1.6%

Innoviva stock traded down $0.31 during trading hours on Friday, reaching $19.57. 898,044 shares of the company's stock traded hands, compared to its average volume of 713,612. Innoviva, Inc. has a fifty-two week low of $16.67 and a fifty-two week high of $22.00. The firm has a market capitalization of $1.23 billion, a price-to-earnings ratio of -19.38 and a beta of 0.37. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.30 and a current ratio of 2.48. The firm's 50 day moving average is $19.91 and its 200-day moving average is $18.66.

Innoviva (NASDAQ:INVA - Get Free Report) last announced its earnings results on Wednesday, May 7th. The biotechnology company reported $0.25 earnings per share (EPS) for the quarter. Innoviva had a negative net margin of 16.15% and a positive return on equity of 15.77%. The company had revenue of $88.63 million during the quarter. On average, analysts predict that Innoviva, Inc. will post 0.33 earnings per share for the current year.

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.