Pacer Advisors Inc. Sells 48,889 Shares of Innoviva, Inc. $INVA

Pacer Advisors Inc. lowered its stake in Innoviva, Inc. (NASDAQ:INVA) by 9.5% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 464,622 shares of the biotechnology company’s stock after selling 48,889 shares during the period. Pacer Advisors Inc. owned approximately 0.74% of Innoviva worth $8,479,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Toth Financial Advisory Corp acquired a new position in shares of Innoviva during the 3rd quarter worth $63,000. Texas Permanent School Fund Corp grew its position in Innoviva by 39.1% in the second quarter. Texas Permanent School Fund Corp now owns 43,029 shares of the biotechnology company’s stock valued at $864,000 after acquiring an additional 12,099 shares during the last quarter. Osaic Holdings Inc. raised its stake in Innoviva by 592.1% during the second quarter. Osaic Holdings Inc. now owns 8,700 shares of the biotechnology company’s stock worth $165,000 after acquiring an additional 7,443 shares in the last quarter. Neuberger Berman Group LLC bought a new position in shares of Innoviva in the second quarter worth about $222,000. Finally, Public Sector Pension Investment Board lifted its holdings in shares of Innoviva by 7.8% in the second quarter. Public Sector Pension Investment Board now owns 188,363 shares of the biotechnology company’s stock worth $3,784,000 after acquiring an additional 13,695 shares during the last quarter. Institutional investors and hedge funds own 99.12% of the company’s stock.

Innoviva Stock Performance

Shares of Innoviva stock opened at $19.80 on Monday. The business has a 50-day moving average price of $20.12 and a two-hundred day moving average price of $19.66. Innoviva, Inc. has a 1-year low of $16.52 and a 1-year high of $22.76. The company has a current ratio of 14.12, a quick ratio of 13.33 and a debt-to-equity ratio of 0.25. The company has a market cap of $1.48 billion, a P/E ratio of 14.45 and a beta of 0.47.

Innoviva (NASDAQ:INVA) last released its quarterly earnings data on Wednesday, November 5th. The biotechnology company reported $1.08 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.62. Innoviva had a net margin of 32.78% and a return on equity of 28.17%. The company had revenue of $107.80 million during the quarter, compared to analyst estimates of $91.31 million. As a group, analysts anticipate that Innoviva, Inc. will post 0.33 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on INVA shares. Cantor Fitzgerald upped 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 price target on shares of Innoviva from $45.00 to $46.00 and gave the stock a “buy” rating in a report on Tuesday, December 16th. Zacks Research downgraded Innoviva from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 6th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Innoviva in a report on Monday, December 22nd. Finally, Wall Street Zen upgraded Innoviva from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 25th. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Innoviva currently has a consensus rating of “Moderate Buy” and a consensus target price of $38.80.

About Innoviva

Innoviva, Inc, incorporated in Delaware and headquartered in San Francisco, California, is a royalty-focused life sciences company. It acquires, manages and monetizes royalty and license interests in biopharmaceutical products, with a primary emphasis on inhaled respiratory therapies. Innoviva’s portfolio is anchored by royalties on therapies originally developed by its former affiliate, now marketed by GlaxoSmithKline, including several long-acting inhaled products approved for chronic obstructive pulmonary disease (COPD) and asthma.

The company was established through a spin‐out transaction in 2014, separating the royalty assets from a research‐based biopharmaceutical enterprise to create a specialized investment vehicle.