Man Group plc Buys 81,891 Shares of Innoviva, Inc. (NASDAQ:INVA)

Man Group plc lifted its holdings in shares of Innoviva, Inc. (NASDAQ:INVA - Free Report) by 20.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 486,869 shares of the biotechnology company's stock after acquiring an additional 81,891 shares during the quarter. Man Group plc owned 0.78% of Innoviva worth $8,447,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. KBC Group NV increased its position in shares of Innoviva by 73.9% during the 4th quarter. KBC Group NV now owns 4,100 shares of the biotechnology company's stock valued at $71,000 after purchasing an additional 1,743 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of Innoviva by 75.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 4,962 shares of the biotechnology company's stock worth $86,000 after buying an additional 2,128 shares during the last quarter. New Age Alpha Advisors LLC purchased a new position in shares of Innoviva in the 4th quarter worth about $176,000. Cubist Systematic Strategies LLC purchased a new position in shares of Innoviva in the 4th quarter worth about $184,000. Finally, Bridgefront Capital LLC purchased a new position in shares of Innoviva in the 4th quarter worth about $229,000. 99.12% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in 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. Scotiabank assumed coverage on shares of Innoviva in a report on Friday, March 7th. They issued a "sector outperform" rating and a $55.00 price target on the stock.

Insider Buying and Selling at Innoviva

In other Innoviva news, major shareholder Alexander J. Denner sold 1,196,746 shares of the company's stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $17.52, for a total transaction of $20,966,989.92. Following the sale, the insider now directly owns 5,658,705 shares of the company's stock, valued at $99,140,511.60. This represents a 17.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 2.25% of the company's stock.

Innoviva Stock Performance

Shares of NASDAQ:INVA traded up $0.15 during midday trading on Friday, reaching $18.97. The company had a trading volume of 808,174 shares, compared to its average volume of 637,670. The company's 50 day moving average price is $18.12 and its 200 day moving average price is $18.24. The company has a current ratio of 1.79, a quick ratio of 1.64 and a debt-to-equity ratio of 0.38. The stock has a market cap of $1.19 billion, a P/E ratio of 27.49 and a beta of 0.35. Innoviva, Inc. has a 52-week low of $15.20 and a 52-week high of $21.28.

Innoviva (NASDAQ:INVA - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The biotechnology company reported $0.25 EPS for the quarter. The business had revenue of $88.63 million for the quarter. Innoviva had a net margin of 18.31% and a return on equity of 20.84%. As a group, sell-side analysts anticipate that Innoviva, Inc. will post 0.33 EPS for the current fiscal 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.