Freestone Grove Partners LP Invests $674,000 in Innoviva, Inc. (NASDAQ:INVA)

Freestone Grove Partners LP purchased a new stake in shares of Innoviva, Inc. (NASDAQ:INVA - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 38,825 shares of the biotechnology company's stock, valued at approximately $674,000. Freestone Grove Partners LP owned 0.06% of Innoviva as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. American Century Companies Inc. boosted its position in shares of Innoviva by 35.2% during the 4th quarter. American Century Companies Inc. now owns 1,424,315 shares of the biotechnology company's stock valued at $24,712,000 after acquiring an additional 370,795 shares during the last quarter. Hsbc Holdings PLC acquired a new position in Innoviva in the fourth quarter valued at approximately $5,437,000. Dimensional Fund Advisors LP grew its position in 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 acquiring an additional 226,592 shares during the period. Marshall Wace LLP raised its position in Innoviva by 130.9% in the fourth 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, Boston Partners lifted its stake in shares of Innoviva by 43.7% in the 4th quarter. Boston Partners now owns 490,404 shares of the biotechnology company's stock valued at $8,513,000 after purchasing an additional 149,060 shares during the last quarter. Institutional investors and hedge funds own 99.12% of the company's stock.

Insider Transactions at Innoviva

In other Innoviva news, major shareholder Alexander J. Denner sold 1,196,746 shares of the firm's stock in a transaction 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 sale, the insider now directly owns 5,658,705 shares in the company, valued at $99,140,511.60. This trade represents a 17.46 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 2.25% of the company's stock.

Innoviva Stock Up 0.3 %

Innoviva stock traded up $0.05 during mid-day trading on Friday, reaching $18.63. 106,470 shares of the company's stock were exchanged, compared to its average volume of 633,736. The company has a quick ratio of 1.64, a current ratio of 1.79 and a debt-to-equity ratio of 0.38. Innoviva, Inc. has a twelve month low of $15.16 and a twelve month high of $21.28. The company has a market cap of $1.17 billion, a P/E ratio of 27.00 and a beta of 0.35. The company has a fifty day moving average of $17.88 and a 200-day moving average of $18.34.

Innoviva (NASDAQ:INVA - Get Free Report) last released its earnings results on Wednesday, May 7th. The biotechnology company reported $0.25 earnings per share (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 during the quarter. Sell-side analysts expect that Innoviva, Inc. will post 0.33 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Scotiabank began coverage on shares of Innoviva in a research note on Friday, March 7th. They set a "sector outperform" rating and a $55.00 target price for the company. StockNews.com upgraded Innoviva from a "hold" rating to a "buy" rating in a research note on Wednesday, April 30th.

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.