Innoviva, Inc. (NASDAQ:INVA) Position Reduced by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lowered its position in shares of Innoviva, Inc. (NASDAQ:INVA - Free Report) by 33.2% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 50,015 shares of the biotechnology company's stock after selling 24,827 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.08% of Innoviva worth $907,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the company. Tower Research Capital LLC TRC grew its stake in shares of Innoviva by 75.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 4,962 shares of the biotechnology company's stock worth $86,000 after purchasing an additional 2,128 shares during the period. Farther Finance Advisors LLC grew its holdings in shares of 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 buying an additional 795 shares in the last quarter. New Age Alpha Advisors LLC purchased a new stake in shares of Innoviva during the fourth quarter worth about $176,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Innoviva in the fourth quarter worth approximately $184,000. Finally, Bridgefront Capital LLC acquired a new stake in shares of Innoviva in the fourth quarter worth approximately $229,000. Hedge funds and other institutional investors own 99.12% of the company's stock.

Innoviva Price Performance

INVA stock traded down $0.29 during trading on Friday, hitting $18.77. The company had a trading volume of 764,766 shares, compared to its average volume of 704,540. The firm has a market capitalization of $1.18 billion, a price-to-earnings ratio of -18.58 and a beta of 0.37. The business has a 50 day moving average of $19.79 and a 200 day moving average of $18.57. Innoviva, Inc. has a fifty-two week low of $16.67 and a fifty-two week high of $22.00. The company has a current ratio of 2.48, a quick ratio of 2.30 and a debt-to-equity ratio of 0.40.

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

Analyst Ratings Changes

Several research firms recently commented on INVA. Cantor Fitzgerald began coverage on shares of Innoviva in a report on Friday. They issued an "overweight" rating and a $26.00 price target on the stock. Wall Street Zen raised shares of Innoviva from a "hold" rating to a "buy" rating in a report on Wednesday, April 30th.

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.