Rhumbline Advisers Has $3.23 Million Stock Position in Innoviva, Inc. $INVA

Rhumbline Advisers cut its position in shares of Innoviva, Inc. (NASDAQ:INVA) by 4.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 178,130 shares of the biotechnology company’s stock after selling 9,188 shares during the quarter. Rhumbline Advisers owned about 0.28% of Innoviva worth $3,229,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Caitong International Asset Management Co. Ltd bought a new position in shares of Innoviva in the first quarter valued at $56,000. Farther Finance Advisors LLC increased its holdings in Innoviva by 10.3% during the first quarter. Farther Finance Advisors LLC now owns 8,516 shares of the biotechnology company’s stock worth $153,000 after buying an additional 795 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new stake in Innoviva during the fourth quarter worth about $184,000. Bailard Inc. purchased a new stake in Innoviva during the first quarter worth about $189,000. Finally, US Bancorp DE increased its holdings in Innoviva by 356.0% during the first quarter. US Bancorp DE now owns 12,753 shares of the biotechnology company’s stock worth $231,000 after buying an additional 9,956 shares during the last quarter. 99.12% of the stock is currently owned by institutional investors and hedge funds.

Innoviva Trading Up 0.9%

Shares of INVA opened at $19.55 on Tuesday. The firm has a market cap of $1.23 billion, a price-to-earnings ratio of 63.07 and a beta of 0.47. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.44 and a current ratio of 2.64. Innoviva, Inc. has a fifty-two week low of $16.67 and a fifty-two week high of $22.00. The firm has a 50 day moving average price of $19.63 and a 200-day moving average price of $19.10.

Innoviva (NASDAQ:INVA) last announced its quarterly earnings data on Wednesday, August 6th. The biotechnology company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.20. Innoviva had a net margin of 10.44% and a return on equity of 18.67%. The firm had revenue of $100.28 million during the quarter, compared to analyst estimates of $87.10 million. As a group, equities research analysts forecast that Innoviva, Inc. will post 0.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

INVA has been the subject of several recent research reports. Wall Street Zen downgraded shares of Innoviva from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Cantor Fitzgerald initiated coverage on shares of Innoviva in a research report on Friday, July 11th. They set an “overweight” rating and a $26.00 target price for the company. Oppenheimer initiated coverage on shares of Innoviva in a research report on Monday, August 11th. They set an “outperform” rating and a $45.00 target price for the company. Finally, HC Wainwright lifted their target price on shares of Innoviva from $40.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, August 11th. Four research analysts have rated the stock with a Buy rating, According to MarketBeat, Innoviva has a consensus rating of “Buy” and an average price target of $42.75.

Innoviva 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.