First Trust Advisors LP Has $1.07 Million Stake in Innoviva, Inc. (INVA)
First Trust Advisors LP reduced its position in Innoviva, Inc. (NASDAQ:INVA) by 31.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 75,831 shares of the biotechnology company’s stock after selling 35,547 shares during the period. First Trust Advisors LP owned about 0.07% of Innoviva worth $1,071,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Federated Investors Inc. PA increased its position in shares of Innoviva by 9.2% in the second quarter. Federated Investors Inc. PA now owns 121,499 shares of the biotechnology company’s stock worth $1,555,000 after acquiring an additional 10,269 shares in the last quarter. State of Wisconsin Investment Board purchased a new position in shares of Innoviva in the second quarter worth approximately $730,000. Teachers Advisors LLC increased its position in shares of Innoviva by 3.4% in the first quarter. Teachers Advisors LLC now owns 135,848 shares of the biotechnology company’s stock worth $1,879,000 after acquiring an additional 4,452 shares in the last quarter. Denali Advisors LLC purchased a new position in shares of Innoviva in the third quarter worth approximately $570,000. Finally, TIAA CREF Investment Management LLC increased its position in shares of Innoviva by 38.9% in the second quarter. TIAA CREF Investment Management LLC now owns 310,316 shares of the biotechnology company’s stock worth $3,972,000 after acquiring an additional 86,864 shares in the last quarter. 74.44% of the stock is currently owned by institutional investors and hedge funds.
Shares of Innoviva, Inc. (INVA) opened at $13.11 on Tuesday. The company has a current ratio of 6.71, a quick ratio of 6.71 and a debt-to-equity ratio of -2.59. The company has a market cap of $1,429.04, a P/E ratio of 15.21 and a beta of 2.52. Innoviva, Inc. has a fifty-two week low of $10.18 and a fifty-two week high of $14.87.
Innoviva (NASDAQ:INVA) last posted its quarterly earnings results on Wednesday, October 25th. The biotechnology company reported $0.21 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.13). The company had revenue of $48.64 million for the quarter, compared to analyst estimates of $57.18 million. Innoviva had a negative return on equity of 33.55% and a net margin of 52.91%. The business’s revenue for the quarter was up 46.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.13 earnings per share. analysts anticipate that Innoviva, Inc. will post 1.08 EPS for the current year.
Several research analysts have recently weighed in on the stock. Zacks Investment Research downgraded shares of Innoviva from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 16th. ValuEngine cut shares of Innoviva from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Stifel Nicolaus restated a “neutral” rating on shares of Innoviva in a report on Friday, September 15th. Robert W. Baird restated a “hold” rating and set a $13.00 price target on shares of Innoviva in a report on Tuesday, October 24th. Finally, Cowen set a $16.00 price target on shares of Innoviva and gave the stock a “buy” rating in a report on Monday, October 23rd. One analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $13.50.
In related news, VP George B. Abercrombie sold 5,215 shares of the firm’s stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $13.26, for a total transaction of $69,150.90. Following the completion of the sale, the vice president now directly owns 263,866 shares in the company, valued at $3,498,863.16. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Eric Desparbes sold 15,285 shares of the firm’s stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $13.28, for a total transaction of $202,984.80. Following the sale, the chief financial officer now owns 337,027 shares of the company’s stock, valued at $4,475,718.56. The disclosure for this sale can be found here. Company insiders own 1.60% of the company’s stock.
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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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