Morgan Stanley boosted its stake in shares of Innoviva, Inc. (NASDAQ:INVA) by 92.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 564,427 shares of the biotechnology company’s stock after buying an additional 270,824 shares during the period. Morgan Stanley owned approximately 0.53% of Innoviva worth $7,807,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in the stock. Thrivent Financial for Lutherans purchased a new stake in Innoviva during the fourth quarter valued at approximately $444,000. Comerica Bank raised its stake in Innoviva by 4.5% in the first quarter. Comerica Bank now owns 85,950 shares of the biotechnology company’s stock valued at $1,082,000 after buying an additional 3,673 shares during the last quarter. Trexquant Investment LP purchased a new stake in Innoviva during the first quarter valued at approximately $818,000. Bank of Montreal Can raised its stake in Innoviva by 8,741.8% in the first quarter. Bank of Montreal Can now owns 111,141 shares of the biotechnology company’s stock valued at $1,537,000 after buying an additional 109,884 shares during the last quarter. Finally, UBS Group AG raised its stake in Innoviva by 7,597.4% in the first quarter. UBS Group AG now owns 142,864 shares of the biotechnology company’s stock valued at $1,976,000 after buying an additional 141,008 shares during the last quarter. 75.89% of the stock is owned by institutional investors and hedge funds.
Shares of Innoviva, Inc. (NASDAQ:INVA) opened at 12.28 on Friday. Innoviva, Inc. has a 52 week low of $8.67 and a 52 week high of $14.55. The stock’s 50 day moving average is $12.89 and its 200-day moving average is $12.49. The firm has a market cap of $1.34 billion, a PE ratio of 15.45 and a beta of 2.56.
Innoviva (NASDAQ:INVA) last released its quarterly earnings results on Wednesday, July 26th. The biotechnology company reported $0.30 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.02. Innoviva had a negative return on equity of 27.37% and a net margin of 52.56%. The business had revenue of $58.60 million during the quarter, compared to analysts’ expectations of $50.53 million. During the same quarter in the prior year, the business earned $0.13 earnings per share. The company’s quarterly revenue was up 80.3% compared to the same quarter last year. On average, equities analysts predict that Innoviva, Inc. will post $1.14 EPS for the current fiscal year.
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A number of research firms have issued reports on INVA. ValuEngine lowered shares of Innoviva from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Cowen and Company set a $16.00 price target on shares of Innoviva and gave the stock a “buy” rating in a research report on Monday, May 1st. Zacks Investment Research lowered shares of Innoviva from a “hold” rating to a “sell” rating in a research report on Monday, July 3rd. Stifel Nicolaus reissued a “hold” rating and set a $15.00 price target on shares of Innoviva in a research report on Friday, July 28th. Finally, Robert W. Baird reissued a “neutral” rating and set a $13.00 price target (up from $11.00) on shares of Innoviva in a research report on Thursday, July 27th. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $15.00.
In other news, VP Theodore J. Jr. Witek sold 7,815 shares of the company’s stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $12.01, for a total transaction of $93,858.15. Following the completion of the sale, the vice president now owns 251,968 shares in the company, valued at $3,026,135.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.60% of the stock is owned by corporate insiders.
Innoviva, Inc, formerly Theravance, Inc, is engaged in the development, commercialization and financial management of bio-pharmaceuticals. It focuses on the respiratory assets partnered with Glaxo Group Limited (GSK), including RELVAR/BREO ELLIPTA (fluticasone furoate (FF)/vilanterol (VI)) and ANORO ELLIPTA (umeclidinium bromide/vilanterol (UMEC/VI)).
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