Old Mutual Global Investors UK Ltd. decreased its holdings in Innoviva, Inc. (NASDAQ:INVA) by 51.2% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 89,754 shares of the biotechnology company’s stock after selling 94,244 shares during the quarter. Old Mutual Global Investors UK Ltd. owned 0.08% of Innoviva worth $1,148,000 at the end of the most recent reporting period.
Other institutional investors have also modified their holdings of the company. Ameritas Investment Partners Inc. raised its stake in Innoviva by 868.0% in the 1st quarter. Ameritas Investment Partners Inc. now owns 7,328 shares of the biotechnology company’s stock worth $101,000 after purchasing an additional 6,571 shares in the last quarter. Victory Capital Management Inc. acquired a new stake in Innoviva in the 1st quarter worth about $117,000. LS Investment Advisors LLC raised its stake in Innoviva by 372.8% in the 1st quarter. LS Investment Advisors LLC now owns 13,900 shares of the biotechnology company’s stock worth $192,000 after purchasing an additional 10,960 shares in the last quarter. State of Alaska Department of Revenue raised its stake in Innoviva by 79.1% in the 2nd quarter. State of Alaska Department of Revenue now owns 15,327 shares of the biotechnology company’s stock worth $196,000 after purchasing an additional 6,767 shares in the last quarter. Finally, BNP Paribas Arbitrage SA raised its stake in Innoviva by 11.6% in the 1st quarter. BNP Paribas Arbitrage SA now owns 15,984 shares of the biotechnology company’s stock worth $221,000 after purchasing an additional 1,656 shares in the last quarter. Institutional investors and hedge funds own 69.07% of the company’s stock.
Several analysts have weighed in on the stock. ValuEngine cut shares of Innoviva from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Zacks Investment Research cut shares of Innoviva from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 16th. Cowen and Company set a $16.00 price objective on shares of Innoviva and gave the stock a “buy” rating in a research note on Friday, July 28th. Stifel Nicolaus reiterated a “hold” rating and issued a $15.00 price objective on shares of Innoviva in a research note on Friday, July 28th. Finally, Robert W. Baird restated a “neutral” rating and issued a $13.00 target price (up from $11.00) on shares of Innoviva in a research report on Thursday, July 27th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. Innoviva has a consensus rating of “Hold” and a consensus target price of $15.00.
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Innoviva, Inc. (NASDAQ INVA) opened at 13.80 on Friday. The stock has a 50 day moving average of $13.08 and a 200 day moving average of $12.70. Innoviva, Inc. has a 12 month low of $8.67 and a 12 month high of $14.55. The firm has a market capitalization of $1.51 billion, a PE ratio of 17.36 and a beta of 2.58.
Innoviva (NASDAQ:INVA) last announced its quarterly earnings results on Wednesday, July 26th. The biotechnology company reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.02. Innoviva had a net margin of 52.56% and a negative return on equity of 27.37%. The firm had revenue of $58.60 million for the quarter, compared to the consensus estimate of $50.53 million. During the same period in the prior year, the firm posted $0.13 earnings per share. The company’s revenue for the quarter was up 80.3% on a year-over-year basis. On average, equities analysts predict that Innoviva, Inc. will post $1.16 earnings per share for the current fiscal year.
Innoviva Company Profile
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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