Envestnet Asset Management Inc. Sells 2,386 Shares of Innoviva, Inc. $INVA

Envestnet Asset Management Inc. cut its stake in Innoviva, Inc. (NASDAQ:INVA) by 19.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,023 shares of the biotechnology company’s stock after selling 2,386 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Innoviva were worth $201,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Parallel Advisors LLC grew its holdings in Innoviva by 157.5% during the second quarter. Parallel Advisors LLC now owns 1,849 shares of the biotechnology company’s stock valued at $37,000 after purchasing an additional 1,131 shares during the period. Caitong International Asset Management Co. Ltd bought a new position in shares of Innoviva during the first quarter worth $56,000. GAMMA Investing LLC grew its holdings in shares of Innoviva by 58.9% in the 2nd quarter. GAMMA Investing LLC now owns 7,146 shares of the biotechnology company’s stock valued at $144,000 after buying an additional 2,648 shares during the period. US Bancorp DE grew its holdings in shares of Innoviva by 356.0% in the 1st quarter. US Bancorp DE now owns 12,753 shares of the biotechnology company’s stock valued at $231,000 after buying an additional 9,956 shares during the period. Finally, Algert Global LLC bought a new stake in shares of Innoviva in the 1st quarter valued at $237,000. 99.12% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Wall Street Zen upgraded Innoviva from a “buy” rating to a “strong-buy” rating in a report on Saturday, October 25th. Zacks Research lowered shares of Innoviva from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 6th. Cantor Fitzgerald increased their price objective on shares of Innoviva from $29.00 to $31.00 and gave the stock an “overweight” rating in a research report on Thursday, November 6th. HC Wainwright upped their target price on shares of Innoviva from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, August 11th. Finally, Oppenheimer initiated coverage on Innoviva in a research note on Monday, August 11th. They issued an “outperform” rating and a $45.00 price target on the stock. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $38.60.

Innoviva Stock Up 0.2%

Innoviva stock opened at $21.75 on Friday. The company has a current ratio of 2.64, a quick ratio of 2.44 and a debt-to-equity ratio of 0.36. Innoviva, Inc. has a 1-year low of $16.52 and a 1-year high of $22.76. The company has a fifty day simple moving average of $19.13 and a 200 day simple moving average of $19.56. The company has a market cap of $1.63 billion, a P/E ratio of 70.17 and a beta of 0.42.

Innoviva (NASDAQ:INVA) last posted its quarterly earnings data on Wednesday, November 5th. The biotechnology company reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.62. The company had revenue of $107.80 million during the quarter, compared to the consensus estimate of $91.31 million. Innoviva had a net margin of 10.44% and a return on equity of 18.67%. Research analysts anticipate that Innoviva, Inc. will post 0.33 earnings per share for the current fiscal year.

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.