Vestcor Inc Boosts Stock Position in Innoviva, Inc. (NASDAQ:INVA)

Vestcor Inc grew its stake in shares of Innoviva, Inc. (NASDAQ:INVA) by 8.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 60,026 shares of the biotechnology company’s stock after acquiring an additional 4,613 shares during the period. Vestcor Inc owned 0.10% of Innoviva worth $1,041,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in INVA. US Bancorp DE lifted its position in shares of Innoviva by 24.5% during the third quarter. US Bancorp DE now owns 2,875 shares of the biotechnology company’s stock worth $56,000 after acquiring an additional 566 shares in the last quarter. Los Angeles Capital Management LLC lifted its position in shares of Innoviva by 79.7% during the third quarter. Los Angeles Capital Management LLC now owns 40,735 shares of the biotechnology company’s stock worth $787,000 after acquiring an additional 18,071 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Innoviva by 3.5% during the third quarter. Victory Capital Management Inc. now owns 140,454 shares of the biotechnology company’s stock worth $2,712,000 after acquiring an additional 4,699 shares in the last quarter. Royce & Associates LP lifted its position in shares of Innoviva by 30.1% during the third quarter. Royce & Associates LP now owns 57,908 shares of the biotechnology company’s stock worth $1,118,000 after acquiring an additional 13,414 shares in the last quarter. Finally, Caprock Group LLC purchased a new stake in shares of Innoviva during the third quarter worth $229,000. Hedge funds and other institutional investors own 99.12% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on INVA. StockNews.com downgraded Innoviva from a “buy” rating to a “hold” rating in a research report on Saturday. Scotiabank initiated coverage on shares of Innoviva in a report on Friday, March 7th. They issued a “sector outperform” rating and a $55.00 price target on the stock.

Innoviva Stock Performance

Innoviva stock opened at $17.39 on Friday. The stock has a market cap of $1.09 billion, a P/E ratio of 25.20 and a beta of 0.56. Innoviva, Inc. has a fifty-two week low of $14.33 and a fifty-two week high of $21.28. The firm’s fifty day moving average price is $18.03 and its 200-day moving average price is $18.77. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.64 and a current ratio of 1.79.

Innoviva (NASDAQ:INVA) last released its quarterly earnings results on Wednesday, February 26th. The biotechnology company reported $0.57 earnings per share for the quarter. The firm had revenue of $91.81 million for the quarter. Innoviva had a net margin of 18.31% and a return on equity of 20.84%. Equities research analysts forecast that Innoviva, Inc. will post 0.33 earnings per share for the current fiscal year.

Insider Activity at Innoviva

In related news, major shareholder Alexander J. Denner sold 151,175 shares of the stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $17.63, for a total value of $2,665,215.25. Following the transaction, the insider now owns 7,125,825 shares of the company’s stock, valued at $125,628,294.75. This represents a 2.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.70% of the stock is owned by insiders.

Innoviva Company Profile

Innoviva, Inc engages in the development and commercialization of pharmaceutical products in the United States and internationally. The company’s products include RELVAR/BREO ELLIPTA, a once-daily combination medicine consisting of a LABA, vilanterol (VI), an inhaled corticosteroid (ICS), and fluticasone furoate; ANORO ELLIPTA, a once-daily medicine combining a long-acting muscarinic antagonist (LAMA) and umeclidinium bromide (UMEC) with a LABA, VI; GIAPREZA (angiotensin II), a vasoconstrictor to increase blood pressure in adults with septic or other distributive shock; XERAVA (eravacycline) for the treatment of complicated intra-abdominal infections in adults; and XACDURO, a beta lactamase inhibitor for the treatment of hospital-acquired bacterial pneumonia and ventilator-associated bacterial pneumonia.