Allspring Global Investments Holdings LLC Decreases Position in Innoviva, Inc. (NASDAQ:INVA)

Allspring Global Investments Holdings LLC reduced its position in Innoviva, Inc. (NASDAQ:INVA - Free Report) by 33.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 50,015 shares of the biotechnology company's stock after selling 24,827 shares during the period. Allspring Global Investments Holdings LLC owned 0.08% of Innoviva worth $907,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in INVA. American Century Companies Inc. raised its position in Innoviva by 35.2% during the fourth quarter. American Century Companies Inc. now owns 1,424,315 shares of the biotechnology company's stock valued at $24,712,000 after purchasing an additional 370,795 shares during the period. Millennium Management LLC grew its stake in shares of Innoviva by 426.4% during the fourth quarter. Millennium Management LLC now owns 400,613 shares of the biotechnology company's stock valued at $6,951,000 after buying an additional 324,515 shares during the last quarter. Hsbc Holdings PLC bought a new position in shares of Innoviva during the fourth quarter valued at approximately $5,437,000. Jefferies Financial Group Inc. grew its stake in shares of Innoviva by 355.8% during the fourth quarter. Jefferies Financial Group Inc. now owns 296,238 shares of the biotechnology company's stock valued at $5,140,000 after buying an additional 231,238 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Innoviva by 4.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,919,518 shares of the biotechnology company's stock valued at $85,354,000 after buying an additional 226,592 shares during the last quarter. 99.12% of the stock is currently owned by hedge funds and other institutional investors.

Innoviva Trading Down 1.5%

NASDAQ:INVA traded down $0.29 during midday trading on Friday, hitting $18.77. The stock had a trading volume of 764,766 shares, compared to its average volume of 703,326. Innoviva, Inc. has a one year low of $16.67 and a one year high of $22.00. The company has a market capitalization of $1.18 billion, a price-to-earnings ratio of -18.58 and a beta of 0.37. The stock has a 50-day moving average of $19.79 and a 200 day moving average of $18.56. The company has a quick ratio of 2.30, a current ratio of 2.48 and a debt-to-equity ratio of 0.40.

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

Analysts Set New Price Targets

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

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.