Norges Bank Takes Position in Innoviva, Inc. (NASDAQ:INVA)

Norges Bank bought a new position in shares of Innoviva, Inc. (NASDAQ:INVA - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The fund bought 85,282 shares of the biotechnology company's stock, valued at approximately $1,480,000. Norges Bank owned 0.14% of Innoviva at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of INVA. FMR LLC grew its stake in Innoviva by 8.2% during the third quarter. FMR LLC now owns 10,119 shares of the biotechnology company's stock valued at $195,000 after acquiring an additional 771 shares in the last quarter. Jane Street Group LLC boosted its stake in shares of Innoviva by 46.4% in the 3rd quarter. Jane Street Group LLC now owns 136,361 shares of the biotechnology company's stock valued at $2,633,000 after purchasing an additional 43,218 shares in the last quarter. MML Investors Services LLC grew its stake in shares of Innoviva by 19.4% during the third quarter. MML Investors Services LLC now owns 18,375 shares of the biotechnology company's stock valued at $355,000 after buying an additional 2,985 shares during the last quarter. Barclays PLC increased its stake in Innoviva by 254.2% in the 3rd quarter. Barclays PLC now owns 100,594 shares of the biotechnology company's stock worth $1,942,000 after purchasing an additional 72,192 shares during the period. Finally, Geode Capital Management LLC raised its holdings in Innoviva by 1.0% during the 3rd quarter. Geode Capital Management LLC now owns 1,357,557 shares of the biotechnology company's stock valued at $26,219,000 after buying an additional 13,257 shares during the last quarter. 99.12% of the stock is owned by institutional investors.

Innoviva Price Performance

Shares of NASDAQ INVA traded up $0.21 during midday trading on Thursday, reaching $18.30. The stock had a trading volume of 150,415 shares, compared to its average volume of 633,567. The stock has a 50-day moving average of $17.72 and a 200-day moving average of $18.48. The company has a market capitalization of $1.15 billion, a price-to-earnings ratio of 26.50 and a beta of 0.48. Innoviva, Inc. has a 12-month low of $14.35 and a 12-month high of $21.28. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.64 and a current ratio of 1.79.

Innoviva (NASDAQ:INVA - Get Free Report) last issued its quarterly earnings data on Wednesday, February 26th. The biotechnology company reported $0.57 earnings per share (EPS) 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%. As a group, research analysts anticipate that Innoviva, Inc. will post 0.33 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently commented on INVA. StockNews.com raised shares of Innoviva from a "hold" rating to a "buy" rating in a research report on Monday. Scotiabank began coverage on shares of Innoviva in a research note on Friday, March 7th. They issued a "sector outperform" rating and a $55.00 target price on the stock.

Insider Buying and Selling

In related news, major shareholder Alexander J. Denner sold 1,196,746 shares of the company's stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $17.52, for a total transaction of $20,966,989.92. Following the completion of the sale, the insider now directly owns 5,658,705 shares in the company, valued at $99,140,511.60. This represents a 17.46 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 1.70% of the stock is owned by corporate insiders.

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.