Pacer Advisors Inc. Decreases Holdings in Innoviva, Inc. (NASDAQ:INVA)

Key Points

• Pacer Advisors Inc. reduced its stake in Innoviva, Inc. by 75.6%, owning 715,520 shares after selling over 2.2 million shares in the first quarter.
• Despite the decrease in holdings by Pacer Advisors, other institutional investors, including Tower Research Capital and Farther Finance Advisors, have increased their positions in Innoviva.
• Innoviva reported $0.25 earnings per share for its last quarter, with analysts expecting a 0.33 EPS for the current year, while the company's stock has fluctuated between a one-year low of $16.67 and a high of $22.00.

Pacer Advisors Inc. trimmed its position in shares of Innoviva, Inc. (NASDAQ:INVA - Free Report) by 75.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 715,520 shares of the biotechnology company's stock after selling 2,216,593 shares during the quarter. Pacer Advisors Inc. owned approximately 1.14% of Innoviva worth $12,972,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Assetmark Inc. boosted its position in Innoviva by 4.5% during the 1st quarter. Assetmark Inc. now owns 174,388 shares of the biotechnology company's stock valued at $3,162,000 after acquiring an additional 7,509 shares in the last quarter. Avantax Advisory Services Inc. boosted its position in shares of Innoviva by 10.9% in the 1st quarter. Avantax Advisory Services Inc. now owns 20,510 shares of the biotechnology company's stock worth $372,000 after purchasing an additional 2,009 shares in the last quarter. Royce & Associates LP boosted its position in shares of Innoviva by 17.6% in the 1st quarter. Royce & Associates LP now owns 70,124 shares of the biotechnology company's stock worth $1,271,000 after purchasing an additional 10,499 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Innoviva in the 1st quarter worth approximately $627,000. Finally, Denali Advisors LLC boosted its position in shares of Innoviva by 6.3% in the 1st quarter. Denali Advisors LLC now owns 376,606 shares of the biotechnology company's stock worth $6,828,000 after purchasing an additional 22,282 shares in the last quarter. 99.12% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently commented on INVA shares. Wall Street Zen raised Innoviva from a "hold" rating to a "buy" rating in a research report on Wednesday, April 30th. HC Wainwright started coverage on Innoviva in a research report on Monday, July 14th. They issued a "buy" rating and a $40.00 price target on the stock. Finally, Cantor Fitzgerald started coverage on Innoviva in a research report on Friday, July 11th. They issued an "overweight" rating and a $26.00 price target on the stock.

Innoviva Stock Up 0.3%

INVA stock traded up $0.06 during midday trading on Wednesday, hitting $18.52. The company's stock had a trading volume of 88,708 shares, compared to its average volume of 818,417. The company has a market cap of $1.16 billion, a PE ratio of -18.34 and a beta of 0.37. Innoviva, Inc. has a 12 month low of $16.67 and a 12 month 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. The firm's 50-day moving average is $19.98 and its 200-day moving average is $18.74.

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

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.