Northern Trust Corp Lowers Position in Innoviva, Inc. $INVA

Key Points

• Northern Trust Corp reduced its stake in Innoviva, Inc. by 1.8%, now holding approximately 666,900 shares valued at about $12 million.
• Several hedge funds have increased their positions in Innoviva, with Millennium Management boosting its stake by 426.4% in the last quarter.
• Innoviva reported strong quarterly earnings of $0.77 per share, exceeding estimates, with revenue of $100.28 million compared to expectations of $87.10 million.

Northern Trust Corp cut its stake in Innoviva, Inc. (NASDAQ:INVA - Free Report) by 1.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 666,900 shares of the biotechnology company's stock after selling 12,144 shares during the period. Northern Trust Corp owned 1.06% of Innoviva worth $12,091,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. SG Americas Securities LLC bought a new stake in Innoviva in the first quarter valued at approximately $737,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Innoviva by 3.8% in 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 acquiring an additional 1,162 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in 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 during the last quarter. Farther Finance Advisors LLC boosted its holdings in Innoviva by 10.3% in the first quarter. Farther Finance Advisors LLC now owns 8,516 shares of the biotechnology company's stock valued at $153,000 after acquiring an additional 795 shares during the last quarter. Finally, US Bancorp DE boosted its holdings in Innoviva by 356.0% in the first quarter. US Bancorp DE now owns 12,753 shares of the biotechnology company's stock valued at $231,000 after acquiring an additional 9,956 shares during the last quarter. 99.12% of the stock is currently owned by institutional investors.

Innoviva Stock Down 1.5%

Shares of NASDAQ:INVA traded down $0.31 during trading on Wednesday, reaching $19.87. 576,754 shares of the stock were exchanged, compared to its average volume of 678,343. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.64 and a quick ratio of 2.44. Innoviva, Inc. has a 1-year low of $16.67 and a 1-year high of $22.00. The stock has a fifty day moving average of $19.60 and a two-hundred day moving average of $19.06. The firm has a market cap of $1.25 billion, a price-to-earnings ratio of 64.10 and a beta of 0.47.

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

Wall Street Analyst Weigh In

Several analysts recently commented on INVA shares. Cantor Fitzgerald started coverage on Innoviva in a report on Friday, July 11th. They issued an "overweight" rating and a $26.00 target price on the stock. Oppenheimer started coverage on Innoviva in a report on Monday, August 11th. They issued an "outperform" rating and a $45.00 target price on the stock. Wall Street Zen upgraded Innoviva from a "buy" rating to a "strong-buy" rating in a report on Monday, September 1st. Finally, HC Wainwright increased their price target on Innoviva from $40.00 to $45.00 and gave the stock a "buy" rating in a report on Monday, August 11th. Four investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Innoviva currently has a consensus rating of "Buy" and a consensus target price of $42.75.

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.