Invesco Ltd. Sells 398,882 Shares of Innoviva, Inc. (NASDAQ:INVA)

Invesco Ltd. trimmed its holdings in Innoviva, Inc. (NASDAQ:INVA - Free Report) by 27.5% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,051,879 shares of the biotechnology company's stock after selling 398,882 shares during the period. Invesco Ltd. owned 1.68% of Innoviva worth $18,250,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in Innoviva by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 6,312,631 shares of the biotechnology company's stock valued at $109,524,000 after buying an additional 84,934 shares in the last quarter. Pacer Advisors Inc. increased its holdings in shares of Innoviva by 4.3% during the 4th quarter. Pacer Advisors Inc. now owns 2,932,113 shares of the biotechnology company's stock valued at $50,872,000 after acquiring an additional 121,162 shares during the last quarter. American Century Companies Inc. raised its stake in shares of Innoviva by 35.2% in 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 in the last quarter. Geode Capital Management LLC lifted its holdings in Innoviva by 1.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,357,557 shares of the biotechnology company's stock worth $26,219,000 after purchasing an additional 13,257 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its position in Innoviva by 7.6% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,146,243 shares of the biotechnology company's stock worth $19,887,000 after purchasing an additional 81,142 shares during the period. Institutional investors and hedge funds own 99.12% of the company's stock.

Insider Activity

In related news, major shareholder Alexander J. Denner sold 1,196,746 shares of the stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $17.52, for a total value of $20,966,989.92. Following the completion of the transaction, the insider now 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 SEC, which is available at this hyperlink. 1.70% of the stock is currently owned by company insiders.

Innoviva Stock Performance

Shares of INVA stock traded down $0.04 during trading hours on Thursday, reaching $18.34. 72,682 shares of the company's stock were exchanged, compared to its average volume of 630,869. The business has a fifty day moving average price of $17.74 and a 200-day moving average price of $18.44. The stock has a market capitalization of $1.15 billion, a P/E ratio of 26.62 and a beta of 0.48. 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 fifty-two week low of $14.90 and a fifty-two week high of $21.28.

Innoviva (NASDAQ:INVA - Get Free Report) last released its earnings results on Wednesday, February 26th. The biotechnology company reported $0.57 earnings per share for the quarter. The business had revenue of $91.81 million for the quarter. Innoviva had a return on equity of 20.84% and a net margin of 18.31%. Analysts predict that Innoviva, Inc. will post 0.33 EPS for the current fiscal year.

Analysts Set New Price Targets

INVA has been the topic of a number of recent analyst reports. StockNews.com lowered shares of Innoviva from a "buy" rating to a "hold" rating in a research report on Tuesday. Scotiabank started coverage on Innoviva in a research report on Friday, March 7th. They issued a "sector outperform" rating and a $55.00 price target on the stock.

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.