Bank of America Corp DE Decreases Holdings in Innoviva, Inc. (NASDAQ:INVA)

Bank of America Corp DE decreased its stake in Innoviva, Inc. (NASDAQ:INVA) by 5.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,063,864 shares of the biotechnology company’s stock after selling 64,713 shares during the quarter. Bank of America Corp DE owned approximately 1.70% of Innoviva worth $18,458,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in Innoviva by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 6,312,631 shares of the biotechnology company’s stock valued at $109,524,000 after buying an additional 84,934 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Innoviva by 4.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,919,518 shares of the biotechnology company’s stock valued at $85,354,000 after acquiring an additional 226,592 shares during the last quarter. Pacer Advisors Inc. lifted its position in shares of Innoviva by 4.3% in the fourth quarter. Pacer Advisors Inc. now owns 2,932,113 shares of the biotechnology company’s stock valued at $50,872,000 after acquiring an additional 121,162 shares in the last quarter. American Century Companies Inc. lifted its holdings in Innoviva by 35.2% in the 4th quarter. American Century Companies Inc. now owns 1,424,315 shares of the biotechnology company’s stock valued at $24,712,000 after purchasing an additional 370,795 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its stake in Innoviva by 7.6% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,146,243 shares of the biotechnology company’s stock worth $19,887,000 after purchasing an additional 81,142 shares during the last quarter. Hedge funds and other institutional investors own 99.12% of the company’s stock.

Insider Buying and Selling

In other news, major shareholder Alexander J. Denner sold 1,196,746 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $17.52, for a total value of $20,966,989.92. Following the transaction, the insider now directly owns 5,658,705 shares in the company, valued at approximately $99,140,511.60. This represents a 17.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.25% of the stock is currently owned by company insiders.

Innoviva Trading Up 0.8%

Shares of INVA opened at $18.78 on Wednesday. Innoviva, Inc. has a 12-month low of $15.20 and a 12-month high of $21.28. The firm has a market capitalization of $1.18 billion, a P/E ratio of 27.22 and a beta of 0.35. The firm has a 50-day moving average price of $18.03 and a 200 day moving average price of $18.26. 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, May 7th. The biotechnology company reported $0.25 earnings per share for the quarter. The business had revenue of $88.63 million during the quarter. Innoviva had a net margin of 18.31% and a return on equity of 20.84%. Sell-side analysts forecast that Innoviva, Inc. will post 0.33 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. StockNews.com upgraded shares of Innoviva from a “hold” rating to a “buy” rating in a research report on Wednesday, April 30th. Scotiabank began coverage on Innoviva in a research report on Friday, March 7th. They issued a “sector outperform” rating and a $55.00 price target for the company.

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.