California Public Employees Retirement System cut its position in shares of Innoviva Inc. (NASDAQ:INVA) by 2.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 292,800 shares of the company’s stock after selling 7,100 shares during the period. California Public Employees Retirement System owned approximately 0.26% of Innoviva worth $3,083,000 as of its most recent filing with the SEC.
Several other large investors have also made changes to their positions in INVA. BlackRock Fund Advisors acquired a new stake in shares of Innoviva during the first quarter worth about $53,259,000. TIAA CREF Investment Management LLC acquired a new stake in shares of Innoviva during the first quarter worth about $3,391,000. Bayesian Capital Management LP acquired a new stake in shares of Innoviva during the first quarter worth about $194,000. Metropolitan Life Insurance Co. NY acquired a new stake in shares of Innoviva during the first quarter worth about $776,000. Finally, Lazard Asset Management LLC acquired a new stake in shares of Innoviva during the first quarter worth about $2,882,000. 81.20% of the stock is owned by institutional investors.
Innoviva Inc. (NASDAQ:INVA) traded up 1.44% during midday trading on Tuesday, reaching $11.29. 357,850 shares of the company were exchanged. Innoviva Inc. has a 52 week low of $6.36 and a 52 week high of $14.15. The company has a 50-day moving average of $11.59 and a 200 day moving average of $11.79. The firm has a market capitalization of $1.26 billion, a PE ratio of 68.42 and a beta of 1.72.
Innoviva (NASDAQ:INVA) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.06. The firm had revenue of $32.47 million for the quarter, compared to analysts’ expectations of $31.13 million. Innoviva had a net margin of 20.15% and a negative return on equity of 7.39%. The company’s revenue for the quarter was up 204.6% compared to the same quarter last year. During the same quarter last year, the business posted ($0.07) earnings per share. Equities analysts predict that Innoviva Inc. will post $0.63 earnings per share for the current year.
INVA has been the subject of a number of research reports. Zacks Investment Research raised shares of Innoviva from a “hold” rating to a “buy” rating and set a $13.00 price objective for the company in a research note on Tuesday, September 20th. Robert W. Baird reiterated a “neutral” rating and set a $11.00 price target (up from $9.00) on shares of Innoviva in a report on Sunday, July 31st. Finally, TheStreet upgraded shares of Innoviva from a “sell” rating to a “hold” rating in a report on Thursday, July 28th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Innoviva has an average rating of “Hold” and an average price target of $10.75.
In other news, CFO Eric Desparbes sold 3,700 shares of Innoviva stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $11.77, for a total transaction of $43,549.00. Following the sale, the chief financial officer now owns 239,893 shares in the company, valued at $2,823,540.61. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 1.60% of the company’s stock.
Innoviva, Inc, formerly Theravance, Inc, focuses on bringing new medicines to patients in areas of unmet need. The Company is engaged in the development, commercialization and financial management of bio-pharmaceuticals. Its portfolio focuses on the respiratory assets partnered with Glaxo Group Limited (GSK), including RELVAR/BREO ELLIPTA (fluticasone furoate/vilanterol (FF/VI)) and ANORO ELLIPTA (umeclidinium bromide/vilanterol (UMEC/VI)).
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