Texas Permanent School Fund reduced its position in shares of Innoviva, Inc. (NASDAQ:INVA – Get Rating) by 6.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 42,223 shares of the biotechnology company’s stock after selling 2,899 shares during the period. Texas Permanent School Fund owned about 0.06% of Innoviva worth $559,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in INVA. AlphaCentric Advisors LLC lifted its holdings in Innoviva by 10.3% in the 4th quarter. AlphaCentric Advisors LLC now owns 75,000 shares of the biotechnology company’s stock worth $994,000 after buying an additional 7,000 shares in the last quarter. Envestnet Asset Management Inc. increased its position in shares of Innoviva by 13.6% during the fourth quarter. Envestnet Asset Management Inc. now owns 232,576 shares of the biotechnology company’s stock worth $3,082,000 after acquiring an additional 27,911 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its stake in shares of Innoviva by 0.3% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 520,899 shares of the biotechnology company’s stock worth $6,902,000 after acquiring an additional 1,619 shares in the last quarter. Brinker Capital Investments LLC boosted its holdings in Innoviva by 8.6% in the fourth quarter. Brinker Capital Investments LLC now owns 106,404 shares of the biotechnology company’s stock valued at $1,410,000 after purchasing an additional 8,447 shares during the last quarter. Finally, Pacer Advisors Inc. grew its stake in Innoviva by 4.3% during the 4th quarter. Pacer Advisors Inc. now owns 1,538,654 shares of the biotechnology company’s stock valued at $20,387,000 after purchasing an additional 63,256 shares in the last quarter.
Analysts Set New Price Targets
A number of equities analysts have issued reports on INVA shares. StockNews.com raised Innoviva from a “hold” rating to a “buy” rating in a research report on Thursday, May 11th. EF Hutton Acquisition Co. I reissued a “buy” rating and set a $22.50 price objective on shares of Innoviva in a report on Thursday, April 20th. Morgan Stanley cut their target price on shares of Innoviva from $13.00 to $10.00 and set an “underweight” rating on the stock in a research note on Friday, March 3rd. The Goldman Sachs Group decreased their price target on Innoviva from $15.00 to $13.00 and set a “neutral” rating for the company in a research note on Friday, March 3rd. Finally, TheStreet cut Innoviva from a “b-” rating to a “c+” rating in a research note on Thursday, February 23rd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $15.17.
Innoviva Trading Down 1.1 %
Innoviva (NASDAQ:INVA – Get Rating) last announced its quarterly earnings results on Tuesday, February 28th. The biotechnology company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.16). The company had revenue of $65.80 million during the quarter, compared to the consensus estimate of $98.31 million. Innoviva had a return on equity of 18.46% and a net margin of 73.36%.
Insider Activity
In other news, CEO Pavel Raifeld acquired 3,000 shares of the business’s stock in a transaction that occurred on Friday, March 10th. The shares were purchased at an average cost of $10.87 per share, for a total transaction of $32,610.00. Following the transaction, the chief executive officer now directly owns 9,799 shares in the company, valued at approximately $106,515.13. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Pavel Raifeld bought 3,000 shares of the firm’s stock in a transaction on Friday, March 10th. The stock was purchased at an average price of $10.87 per share, for a total transaction of $32,610.00. Following the transaction, the chief executive officer now owns 9,799 shares in the company, valued at $106,515.13. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Alexander J. Denner purchased 290,000 shares of the business’s stock in a transaction dated Thursday, May 11th. The shares were acquired at an average cost of $12.34 per share, for a total transaction of $3,578,600.00. Following the acquisition, the insider now owns 6,904,000 shares of the company’s stock, valued at approximately $85,195,360. The disclosure for this purchase can be found here. Corporate insiders own 0.89% of the company’s stock.
About Innoviva
Innoviva, Inc is engaged in the development, commercialization, and financial management of biopharmaceuticals. Its portfolio includes Relvar Breo Ellipta, which is a once-daily combination medicine consisting of a long-acting beta2 agonist, vilanterol, and an inhaled corticosteroid, fluticasone furoate, and Anoro Ellipta, a once-daily medicine combining a long-acting muscarinic antagonist, umeclidinium bromide, LABA, VI.
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