Innoviva, Inc. (NASDAQ:INVA) Shares Sold by Russell Investments Group Ltd.

Russell Investments Group Ltd. reduced its stake in Innoviva, Inc. (NASDAQ:INVA - Free Report) by 79.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 373,266 shares of the biotechnology company's stock after selling 1,426,557 shares during the period. Russell Investments Group Ltd. owned 0.60% of Innoviva worth $6,476,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of Innoviva by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 6,312,631 shares of the biotechnology company's stock worth $109,524,000 after purchasing an additional 84,934 shares during the last quarter. Pacer Advisors Inc. lifted its stake in Innoviva by 4.3% in the fourth quarter. Pacer Advisors Inc. now owns 2,932,113 shares of the biotechnology company's stock valued at $50,872,000 after buying an additional 121,162 shares during the last quarter. American Century Companies Inc. increased its holdings 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 during the period. Geode Capital Management LLC raised its position 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 valued at $26,219,000 after purchasing an additional 13,257 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its stake in Innoviva by 7.6% during the 4th 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.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Scotiabank initiated coverage on Innoviva in a research note on Friday, March 7th. They set a "sector outperform" rating and a $55.00 price target for the company. StockNews.com raised shares of Innoviva from a "hold" rating to a "buy" rating in a report on Monday.

Innoviva Price Performance

Shares of Innoviva stock traded up $0.18 during trading on Friday, hitting $18.27. 738,245 shares of the company were exchanged, compared to its average volume of 636,334. Innoviva, Inc. has a fifty-two week low of $14.69 and a fifty-two week high of $21.28. The company has a quick ratio of 1.64, a current ratio of 1.79 and a debt-to-equity ratio of 0.38. The firm has a 50 day moving average price of $17.72 and a 200 day moving average price of $18.47. The stock has a market capitalization of $1.15 billion, a price-to-earnings ratio of 26.48 and a beta of 0.48.

Innoviva (NASDAQ:INVA - Get Free Report) last posted its quarterly earnings data on Wednesday, February 26th. The biotechnology company reported $0.57 earnings per share for the quarter. Innoviva had a net margin of 18.31% and a return on equity of 20.84%. The business had revenue of $91.81 million during the quarter. On average, equities analysts expect that Innoviva, Inc. will post 0.33 earnings per share for the current fiscal year.

Insider Transactions at Innoviva

In related news, major shareholder Alexander J. Denner sold 1,196,746 shares of the business's stock in a transaction that occurred on 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 sale, the insider now directly owns 5,658,705 shares in the company, valued at approximately $99,140,511.60. The trade was a 17.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.70% of the company's stock.

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.