Karp Capital Management Corp bought a new stake in shares of Innoviva, Inc. (NASDAQ:INVA) during the first quarter, according to its most recent filing with the SEC. The fund bought 20,253 shares of the biotechnology company’s stock, valued at approximately $280,000.
Other institutional investors have also recently bought and sold shares of the company. Teachers Advisors LLC raised its position in Innoviva by 0.7% in the fourth quarter. Teachers Advisors LLC now owns 131,396 shares of the biotechnology company’s stock valued at $1,406,000 after buying an additional 879 shares during the period. Norges Bank purchased a new position in Innoviva during the fourth quarter valued at $10,334,000. Thrivent Financial for Lutherans purchased a new position in Innoviva during the fourth quarter valued at $444,000. Teachers Retirement System of The State of Kentucky purchased a new position in Innoviva during the fourth quarter valued at $372,000. Finally, Guggenheim Capital LLC raised its position in Innoviva by 274.9% in the fourth quarter. Guggenheim Capital LLC now owns 272,873 shares of the biotechnology company’s stock valued at $2,920,000 after buying an additional 200,097 shares during the period. 74.62% of the stock is owned by hedge funds and other institutional investors.
Innoviva, Inc. (NASDAQ INVA) traded up 0.66% during midday trading on Friday, reaching $13.77. 783,157 shares of the company were exchanged. The company has a 50 day moving average of $12.78 and a 200-day moving average of $12.31. Innoviva, Inc. has a 52-week low of $8.67 and a 52-week high of $14.55. The company has a market capitalization of $1.48 billion, a price-to-earnings ratio of 17.23 and a beta of 2.56.
Innoviva (NASDAQ:INVA) last released its quarterly earnings data on Wednesday, July 26th. The biotechnology company reported $0.30 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.02. The firm had revenue of $58.60 million during the quarter, compared to analysts’ expectations of $50.53 million. Innoviva had a negative return on equity of 27.37% and a net margin of 52.56%. Innoviva’s revenue was up 80.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.13 earnings per share. On average, equities research analysts anticipate that Innoviva, Inc. will post $1.11 earnings per share for the current fiscal year.
Several research firms have recently weighed in on INVA. Cowen and Company set a $16.00 target price on shares of Innoviva and gave the company a “buy” rating in a report on Friday. Stifel Nicolaus reissued a “hold” rating and issued a $15.00 price target on shares of Innoviva in a research note on Friday. Robert W. Baird reissued a “neutral” rating and issued a $13.00 price target (up previously from $11.00) on shares of Innoviva in a research note on Thursday. Zacks Investment Research cut shares of Innoviva from a “hold” rating to a “sell” rating in a research note on Monday, July 3rd. Finally, ValuEngine cut shares of Innoviva from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $14.25.
In other Innoviva news, VP Theodore J. Jr. Witek sold 7,815 shares of the stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $12.01, for a total value of $93,858.15. Following the completion of the transaction, the vice president now owns 251,968 shares in the company, valued at $3,026,135.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.60% of the company’s stock.
Innoviva, Inc, formerly Theravance, Inc, is engaged in the development, commercialization and financial management of bio-pharmaceuticals. It focuses on the respiratory assets partnered with Glaxo Group Limited (GSK), including RELVAR/BREO ELLIPTA (fluticasone furoate (FF)/vilanterol (VI)) and ANORO ELLIPTA (umeclidinium bromide/vilanterol (UMEC/VI)).
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