Vanguard Group Inc. Sells 14,018 Shares of Innoviva, Inc. $INVA

Key Points

• Vanguard Group Inc. sold 14,018 shares of Innoviva, trimming its holdings by 0.2% to approximately 6.3 million shares, valued at $114 million.
• Several hedge funds, including Millennium Management and Victory Capital Management, significantly increased their stakes in Innoviva during the last quarters, indicating growing institutional interest.
• Analysts have a consensus "Buy" rating on Innoviva, with an average price target of $42.75, reflecting positive sentiment toward the company's stock performance.

Vanguard Group Inc. cut its position in Innoviva, Inc. (NASDAQ:INVA - Free Report) by 0.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,298,613 shares of the biotechnology company's stock after selling 14,018 shares during the quarter. Vanguard Group Inc. owned 10.05% of Innoviva worth $114,194,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Tower Research Capital LLC TRC increased its position in Innoviva by 75.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 4,962 shares of the biotechnology company's stock worth $86,000 after purchasing an additional 2,128 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in Innoviva by 10.3% during the 1st quarter. Farther Finance Advisors LLC now owns 8,516 shares of the biotechnology company's stock worth $153,000 after acquiring an additional 795 shares during the last quarter. Bailard Inc. bought a new stake in Innoviva during the 1st quarter worth approximately $189,000. Cubist Systematic Strategies LLC bought a new stake in Innoviva during the 4th quarter worth approximately $184,000. Finally, US Bancorp DE grew its holdings in Innoviva by 356.0% during the 1st quarter. US Bancorp DE now owns 12,753 shares of the biotechnology company's stock worth $231,000 after acquiring an additional 9,956 shares during the last quarter. 99.12% of the stock is currently owned by institutional investors and hedge funds.

Innoviva Stock Up 1.1%

INVA traded up $0.22 during trading on Wednesday, hitting $20.15. 40,264 shares of the company's stock were exchanged, compared to its average volume of 818,766. The company has a quick ratio of 2.44, a current ratio of 2.64 and a debt-to-equity ratio of 0.36. The business's 50 day moving average is $19.63 and its two-hundred day moving average is $18.88. Innoviva, Inc. has a fifty-two week low of $16.67 and a fifty-two week high of $22.00. The stock has a market cap of $1.27 billion, a P/E ratio of 65.03 and a beta of 0.38.

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

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Cantor Fitzgerald began coverage on shares of Innoviva in a report on Friday, July 11th. They set an "overweight" rating and a $26.00 target price 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 target price on the stock. Wall Street Zen downgraded shares of Innoviva from a "strong-buy" rating to a "buy" rating in a research report on Sunday. Finally, HC Wainwright boosted their target price 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 investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Innoviva has a consensus rating of "Buy" and a consensus target price of $42.75.

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.