UBS Asset Management Americas Inc. trimmed its stake in shares of Innoviva, Inc. (NASDAQ:INVA) by 29.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 27,702 shares of the biotechnology company’s stock after selling 11,432 shares during the period. UBS Asset Management Americas Inc.’s holdings in Innoviva were worth $355,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of INVA. Russell Investments Group Ltd. acquired a new stake in shares of Innoviva during the 1st quarter valued at approximately $688,000. Karp Capital Management Corp acquired a new position in shares of Innoviva during the 1st quarter worth approximately $280,000. Parametric Portfolio Associates LLC raised its position in shares of Innoviva by 35.8% during the 1st quarter. Parametric Portfolio Associates LLC now owns 130,907 shares of the biotechnology company’s stock worth $1,810,000 after purchasing an additional 34,534 shares during the last quarter. Victory Capital Management Inc. acquired a new position in shares of Innoviva during the 1st quarter worth approximately $117,000. Finally, Principal Financial Group Inc. raised its position in shares of Innoviva by 5.8% during the 1st quarter. Principal Financial Group Inc. now owns 635,944 shares of the biotechnology company’s stock worth $8,795,000 after purchasing an additional 35,057 shares during the last quarter. Institutional investors own 69.73% of the company’s stock.
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Several research analysts recently issued reports on the company. Morgan Stanley restated an “underweight” rating and set a $8.00 price objective (up from $7.00) on shares of Innoviva in a research report on Friday, October 6th. ValuEngine upgraded Innoviva from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Stifel Nicolaus restated a “neutral” rating on shares of Innoviva in a research report on Friday, September 15th. Robert W. Baird restated a “hold” rating and set a $13.00 price objective on shares of Innoviva in a research report on Tuesday, October 24th. Finally, Cowen and Company set a $16.00 price objective on Innoviva and gave the stock a “buy” rating in a research report on Monday, October 23rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $13.60.
Innoviva, Inc. (NASDAQ:INVA) opened at 11.95 on Tuesday. The company’s 50 day moving average price is $13.74 and its 200 day moving average price is $12.94. The firm has a market capitalization of $1.31 billion, a P/E ratio of 15.03 and a beta of 2.60. Innoviva, Inc. has a 12 month low of $8.67 and a 12 month high of $14.87.
Innoviva (NASDAQ:INVA) last issued its earnings results on Wednesday, October 25th. The biotechnology company reported $0.21 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.34 by ($0.13). The business had revenue of $48.64 million for the quarter, compared to the consensus estimate of $57.18 million. Innoviva had a negative return on equity of 33.55% and a net margin of 52.91%. The company’s quarterly revenue was up 46.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.13 earnings per share. Analysts anticipate that Innoviva, Inc. will post $1.13 EPS for the current year.
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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