Handelsbanken Fonder AB Sells 6,000 Shares of Innoviva, Inc. (NASDAQ:INVA)

Handelsbanken Fonder AB reduced its position in Innoviva, Inc. (NASDAQ:INVA – Get Rating) by 29.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 14,476 shares of the biotechnology company’s stock after selling 6,000 shares during the period. Handelsbanken Fonder AB’s holdings in Innoviva were worth $192,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of INVA. Quadrant Capital Group LLC boosted its stake in Innoviva by 2,417.4% in the 3rd quarter. Quadrant Capital Group LLC now owns 2,165 shares of the biotechnology company’s stock worth $25,000 after purchasing an additional 2,079 shares in the last quarter. Wipfli Financial Advisors LLC acquired a new position in shares of Innoviva in the 3rd quarter valued at $34,000. Captrust Financial Advisors lifted its stake in shares of Innoviva by 362.2% in the 1st quarter. Captrust Financial Advisors now owns 2,699 shares of the biotechnology company’s stock valued at $52,000 after purchasing an additional 2,115 shares during the period. Quantbot Technologies LP acquired a new position in shares of Innoviva in the 3rd quarter valued at $60,000. Finally, Money Concepts Capital Corp lifted its stake in shares of Innoviva by 14.7% in the 3rd quarter. Money Concepts Capital Corp now owns 6,491 shares of the biotechnology company’s stock valued at $75,000 after purchasing an additional 833 shares during the period.

Insider Activity

In other Innoviva news, CEO Pavel Raifeld bought 3,000 shares of Innoviva stock in a transaction dated Friday, March 10th. The stock was acquired at an average cost of $10.87 per share, for a total transaction of $32,610.00. Following the completion of the transaction, the chief executive officer now directly owns 9,799 shares of the company’s stock, valued at $106,515.13. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.89% of the company’s stock.

Innoviva Price Performance

Shares of NASDAQ INVA opened at $11.68 on Tuesday. The firm has a 50-day simple moving average of $11.47 and a 200-day simple moving average of $12.48. The stock has a market capitalization of $815.03 million, a price-to-earnings ratio of 5.64 and a beta of 0.56. The company has a quick ratio of 2.87, a current ratio of 3.29 and a debt-to-equity ratio of 0.79. Innoviva, Inc. has a 52 week low of $10.64 and a 52 week high of $16.67.

Innoviva (NASDAQ:INVA – Get Rating) last issued its earnings results on Tuesday, February 28th. The biotechnology company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.16). The business had revenue of $65.80 million during the quarter, compared to analyst estimates of $98.31 million. Innoviva had a net margin of 64.56% and a return on equity of 18.81%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on INVA shares. The Goldman Sachs Group decreased their target price on shares of Innoviva from $15.00 to $13.00 and set a “neutral” rating for the company in a research note on Friday, March 3rd. EF Hutton Acquisition Co. I reiterated a “buy” rating and issued a $22.50 target price on shares of Innoviva in a research note on Thursday, April 20th. Morgan Stanley reduced their price objective on shares of Innoviva from $13.00 to $10.00 and set an “underweight” rating for the company in a research report on Friday, March 3rd. TheStreet cut shares of Innoviva from a “b-” rating to a “c+” rating in a research report on Thursday, February 23rd. Finally, StockNews.com assumed coverage on shares of Innoviva in a research report on Thursday, March 16th. They set a “hold” rating for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, Innoviva has an average rating of “Hold” and a consensus target price of $15.17.

Innoviva Profile

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Innoviva, Inc is engaged in the development, commercialization, and financial management of biopharmaceuticals. Its portfolio includes Relvar Breo Ellipta, which is a once-daily combination medicine consisting of a long-acting beta2 agonist, vilanterol, and an inhaled corticosteroid, fluticasone furoate, and Anoro Ellipta, a once-daily medicine combining a long-acting muscarinic antagonist, umeclidinium bromide, LABA, VI.