Innoviva, Inc. (NASDAQ:INVA) Shares Acquired by Millennium Management LLC

Millennium Management LLC raised its stake in shares of Innoviva, Inc. (NASDAQ:INVA - Free Report) by 426.4% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 400,613 shares of the biotechnology company's stock after purchasing an additional 324,515 shares during the period. Millennium Management LLC owned 0.64% of Innoviva worth $6,951,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of INVA. Vanguard Group Inc. boosted its stake in shares of Innoviva by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 6,312,631 shares of the biotechnology company's stock worth $109,524,000 after acquiring an additional 84,934 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Innoviva by 4.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,919,518 shares of the biotechnology company's stock worth $85,354,000 after buying an additional 226,592 shares during the period. Pacer Advisors Inc. raised its holdings in shares of Innoviva by 4.3% in the fourth quarter. Pacer Advisors Inc. now owns 2,932,113 shares of the biotechnology company's stock worth $50,872,000 after buying an additional 121,162 shares during the period. American Century Companies Inc. grew its stake in 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 purchasing an additional 370,795 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its stake in Innoviva by 7.6% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,146,243 shares of the biotechnology company's stock worth $19,887,000 after purchasing an additional 81,142 shares in the last quarter. Institutional investors own 99.12% of the company's stock.

Insider Activity at Innoviva

In related news, major shareholder Alexander J. Denner sold 1,196,746 shares of the stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $17.52, for a total value of $20,966,989.92. Following the completion of the transaction, the insider now directly owns 5,658,705 shares in the company, valued at approximately $99,140,511.60. This represents a 17.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.25% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on INVA shares. Wall Street Zen raised Innoviva from a "hold" rating to a "buy" rating in a research report on Wednesday, April 30th. Scotiabank assumed coverage on Innoviva in a research note on Friday, March 7th. They set a "sector outperform" rating and a $55.00 price objective for the company.

Innoviva Price Performance

Shares of NASDAQ:INVA traded up $0.15 during trading on Friday, reaching $19.64. 872,004 shares of the company's stock traded hands, compared to its average volume of 645,539. Innoviva, Inc. has a fifty-two week low of $15.56 and a fifty-two week high of $21.28. The company has a quick ratio of 1.64, a current ratio of 1.79 and a debt-to-equity ratio of 0.38. The firm has a market cap of $1.23 billion, a PE ratio of 28.46 and a beta of 0.35. The company has a 50-day simple moving average of $18.32 and a 200-day simple moving average of $18.21.

Innoviva (NASDAQ:INVA - Get Free Report) last posted its earnings results on Wednesday, May 7th. The biotechnology company reported $0.25 EPS for the quarter. Innoviva had a return on equity of 20.84% and a net margin of 18.31%. The firm had revenue of $88.63 million for the quarter. As a group, 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.