Victory Capital Management Inc. Grows Position in Innoviva, Inc. (NASDAQ:INVA)

Victory Capital Management Inc. increased its position in shares of Innoviva, Inc. (NASDAQ:INVA) by 26.3% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 177,383 shares of the biotechnology company’s stock after buying an additional 36,929 shares during the quarter. Victory Capital Management Inc.’s holdings in Innoviva were worth $3,078,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. QRG Capital Management Inc. grew its stake in Innoviva by 4.4% during the 4th quarter. QRG Capital Management Inc. now owns 89,709 shares of the biotechnology company’s stock worth $1,556,000 after buying an additional 3,769 shares during the last quarter. Illinois Municipal Retirement Fund grew its stake in Innoviva by 2.8% during the 4th quarter. Illinois Municipal Retirement Fund now owns 29,066 shares of the biotechnology company’s stock worth $504,000 after buying an additional 784 shares during the last quarter. Hussman Strategic Advisors Inc. grew its stake in Innoviva by 33.3% during the 4th quarter. Hussman Strategic Advisors Inc. now owns 168,000 shares of the biotechnology company’s stock worth $2,915,000 after buying an additional 42,000 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of Innoviva by 3.8% in the 4th quarter. Principal Financial Group Inc. now owns 297,776 shares of the biotechnology company’s stock valued at $5,166,000 after purchasing an additional 10,999 shares during the last quarter. Finally, Rhumbline Advisers grew its stake in shares of Innoviva by 2.1% in the 4th quarter. Rhumbline Advisers now owns 187,318 shares of the biotechnology company’s stock valued at $3,250,000 after purchasing an additional 3,931 shares during the last quarter. Hedge funds and other institutional investors own 99.12% of the company’s stock.

Innoviva Stock Performance

Shares of INVA stock opened at $17.39 on Monday. The business’s 50 day moving average is $18.03 and its two-hundred day moving average is $18.77. Innoviva, Inc. has a twelve month low of $14.33 and a twelve month high of $21.28. The company has a market capitalization of $1.09 billion, a P/E ratio of 25.20 and a beta of 0.56. The company has a current ratio of 1.79, a quick ratio of 1.64 and a debt-to-equity ratio of 0.38.

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

Insider Activity at Innoviva

In related news, major shareholder Alexander J. Denner sold 1,196,746 shares of Innoviva stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $17.52, for a total value of $20,966,989.92. Following the sale, the insider now directly owns 5,658,705 shares in the company, valued at $99,140,511.60. The trade was a 17.46 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.70% of the company’s stock.

Analyst Ratings Changes

INVA has been the topic of several analyst reports. StockNews.com downgraded Innoviva from a “buy” rating to a “hold” rating in a research note on Saturday. Scotiabank initiated coverage on Innoviva in a research note on Friday, March 7th. They issued a “sector outperform” rating and a $55.00 target price on the stock.

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.