BlackRock Inc. grew its holdings in shares of Innoviva Inc (NASDAQ:INVA) by 6.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,616,680 shares of the biotechnology company’s stock after purchasing an additional 744,273 shares during the period. BlackRock Inc. owned approximately 0.11% of Innoviva worth $160,311,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. GAM Holding AG grew its position in Innoviva by 40.5% during the 2nd quarter. GAM Holding AG now owns 64,263 shares of the biotechnology company’s stock worth $887,000 after purchasing an additional 18,535 shares during the period. Stevens Capital Management LP acquired a new stake in Innoviva during the 2nd quarter worth about $183,000. Spark Investment Management LLC grew its position in Innoviva by 20.9% during the 2nd quarter. Spark Investment Management LLC now owns 571,700 shares of the biotechnology company’s stock worth $7,889,000 after purchasing an additional 98,800 shares during the period. Staley Capital Advisers Inc. grew its position in Innoviva by 255.0% during the 2nd quarter. Staley Capital Advisers Inc. now owns 45,471 shares of the biotechnology company’s stock worth $627,000 after purchasing an additional 32,664 shares during the period. Finally, Schwab Charles Investment Management Inc. grew its position in Innoviva by 56.0% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 659,351 shares of the biotechnology company’s stock worth $9,100,000 after purchasing an additional 236,671 shares during the period. Hedge funds and other institutional investors own 72.70% of the company’s stock.
In other news, VP Theodore J. Jr. Witek sold 8,504 shares of the firm’s stock in a transaction dated Tuesday, August 21st. The stock was sold at an average price of $14.12, for a total transaction of $120,076.48. Following the sale, the vice president now directly owns 256,271 shares in the company, valued at approximately $3,618,546.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.60% of the stock is owned by company insiders.
Innoviva (NASDAQ:INVA) last posted its earnings results on Thursday, July 26th. The biotechnology company reported $0.49 EPS for the quarter, missing the Zacks’ consensus estimate of $0.55 by ($0.06). Innoviva had a net margin of 70.01% and a negative return on equity of 83.69%. The business had revenue of $67.09 million for the quarter, compared to analyst estimates of $68.50 million. During the same quarter last year, the business earned $0.30 earnings per share. Innoviva’s revenue was up 14.6% on a year-over-year basis. analysts expect that Innoviva Inc will post 1.83 EPS for the current fiscal year.
Several equities research analysts have weighed in on the company. ValuEngine downgraded Innoviva from a “hold” rating to a “sell” rating in a research report on Tuesday, June 26th. BidaskClub raised Innoviva from a “sell” rating to a “hold” rating in a research report on Thursday, September 6th. Stifel Nicolaus reaffirmed a “hold” rating and set a $16.00 price target on shares of Innoviva in a research report on Monday, June 25th. Finally, Zacks Investment Research raised Innoviva from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 26th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $13.67.
Innoviva, Inc engages in the development and commercialization of bio-pharmaceuticals. Its portfolio of respiratory products include RELVAR/BREO ELLIPTA, (fluticasone furoate/ vilanterol, FF/VI); ANORO ELLIPTA (umeclidinium bromide/ vilanterol, UMEC/VI); and TRELEGY ELLIPTA (the combination FF/UMEC/VI).
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