QSV Equity Investors LLC Sells 33,346 Shares of Innoviva, Inc. $INVA

Key Points

• QSV Equity Investors LLC has reduced its stake in Innoviva, Inc. by 24.6%, selling 33,346 shares, while still holding 102,093 shares in total.
• Analysts are optimistic about Innoviva's prospects, with a consensus target price of $42.75 and multiple analysts giving the stock "buy" or "strong buy" ratings.
• Innoviva reported strong quarterly earnings of $0.77 per share, surpassing analysts' expectations and achieving revenue of $100.28 million for the quarter.

QSV Equity Investors LLC trimmed its position in Innoviva, Inc. (NASDAQ:INVA - Free Report) by 24.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 102,093 shares of the biotechnology company's stock after selling 33,346 shares during the quarter. Innoviva accounts for approximately 1.9% of QSV Equity Investors LLC's holdings, making the stock its 12th biggest holding. QSV Equity Investors LLC owned about 0.16% of Innoviva worth $1,851,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in INVA. Wells Fargo & Company MN increased its stake in shares of Innoviva by 40.3% in the fourth quarter. Wells Fargo & Company MN now owns 37,022 shares of the biotechnology company's stock worth $642,000 after buying an additional 10,637 shares during the period. Sterling Capital Management LLC increased its position in Innoviva by 6.8% during the 4th quarter. Sterling Capital Management LLC now owns 22,924 shares of the biotechnology company's stock valued at $398,000 after purchasing an additional 1,452 shares during the period. Barclays PLC increased its position in Innoviva by 9.8% during the 4th quarter. Barclays PLC now owns 110,479 shares of the biotechnology company's stock valued at $1,917,000 after purchasing an additional 9,885 shares during the period. Marshall Wace LLP increased its position in Innoviva by 130.9% during the 4th quarter. Marshall Wace LLP now owns 314,968 shares of the biotechnology company's stock valued at $5,465,000 after purchasing an additional 178,583 shares during the period. Finally, CANADA LIFE ASSURANCE Co increased its position in Innoviva by 18.7% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 69,794 shares of the biotechnology company's stock valued at $1,211,000 after purchasing an additional 10,993 shares during the period. 99.12% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have issued reports on INVA shares. Wall Street Zen raised shares of Innoviva from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 16th. Cantor Fitzgerald started coverage on shares of Innoviva in a research report on Friday, July 11th. They set an "overweight" rating and a $26.00 price objective on the stock. Oppenheimer started coverage on shares of Innoviva in a research report on Monday, August 11th. They set an "outperform" rating and a $45.00 price objective on the stock. Finally, HC Wainwright boosted their price objective on shares of Innoviva from $40.00 to $45.00 and gave the company a "buy" rating in a research report on Monday, August 11th. Four research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $42.75.

Innoviva Stock Up 1.0%

Shares of INVA stock traded up $0.19 during mid-day trading on Friday, reaching $20.16. 521,177 shares of the company's stock traded hands, compared to its average volume of 839,997. The company has a market cap of $1.27 billion, a P/E ratio of 65.03 and a beta of 0.38. The company's 50-day moving average price is $19.70 and its 200-day moving average price is $18.86. Innoviva, Inc. has a 12 month low of $16.67 and a 12 month high of $22.00. The company has a quick ratio of 2.44, a current ratio of 2.64 and a debt-to-equity ratio of 0.36.

Innoviva (NASDAQ:INVA - Get Free Report) last issued its earnings results on Wednesday, August 6th. The biotechnology company reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.20. The business had revenue of $100.28 million during the quarter, compared to analysts' expectations of $87.10 million. Innoviva had a net margin of 10.44% and a return on equity of 18.67%. On average, equities analysts expect that Innoviva, Inc. will post 0.33 earnings per share for the current fiscal year.

About Innoviva

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.