Russell Investments Group Ltd. Sells 70,489 Shares of Innoviva, Inc. $INVA

Key Points

• Russell Investments Group Ltd. has reduced its holdings in Innoviva, Inc. by 18.9%, owning approximately 0.48% of the company after selling 70,489 shares in the first quarter.
• Innoviva has recently received a series of positive ratings from research analysts, with Cantor Fitzgerald and Oppenheimer setting price targets at $26.00 and $45.00, respectively, contributing to a current consensus rating of "Buy."
• In its latest earnings report, Innoviva beat consensus estimates with an EPS of $0.77 on revenue of $100.28 million, exceeding analyst expectations of $87.10 million.

Russell Investments Group Ltd. lessened its stake in Innoviva, Inc. (NASDAQ:INVA - Free Report) by 18.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 302,777 shares of the biotechnology company's stock after selling 70,489 shares during the period. Russell Investments Group Ltd. owned about 0.48% of Innoviva worth $5,489,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. SG Americas Securities LLC bought a new stake in shares of Innoviva in the first quarter valued at about $737,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted 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 purchasing an additional 1,162 shares during the period. Principal Financial Group Inc. lifted 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 purchasing an additional 7,700 shares during the period. Farther Finance Advisors LLC lifted 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 purchasing an additional 795 shares during the period. Finally, US Bancorp DE lifted 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 purchasing an additional 9,956 shares during the period. Institutional investors own 99.12% of the company's stock.

Wall Street Analyst Weigh In

INVA has been the subject of a number of analyst reports. Cantor Fitzgerald initiated coverage on shares of Innoviva in a research note on Friday, July 11th. They set an "overweight" rating and a $26.00 price target for the company. HC Wainwright raised their price target 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. Wall Street Zen cut shares of Innoviva from a "strong-buy" rating to a "buy" rating in a research note on Sunday. Finally, Oppenheimer initiated coverage on shares of Innoviva in a research note on Monday, August 11th. They set an "outperform" rating and a $45.00 price target for the company. Four equities research analysts have rated the stock with a Buy rating, According to MarketBeat, Innoviva has a consensus rating of "Buy" and an average target price of $42.75.

Innoviva Price Performance

Shares of Innoviva stock traded down $0.09 during midday trading on Wednesday, reaching $19.84. The company had a trading volume of 645,616 shares, compared to its average volume of 824,201. 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 company has a market capitalization of $1.25 billion, a price-to-earnings ratio of 64.00 and a beta of 0.38. The stock has a fifty day simple moving average of $19.59 and a 200 day simple moving average of $18.89. 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 announced its quarterly earnings data on Wednesday, August 6th. The biotechnology company reported $0.77 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.57 by $0.20. Innoviva had a net margin of 10.44% and a return on equity of 18.67%. The firm had revenue of $100.28 million for the quarter, compared to analysts' expectations of $87.10 million. As a group, equities research analysts forecast that Innoviva, Inc. will post 0.33 earnings per share for the current year.

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.