Innoviva Target of Unusually High Options Trading (INVA)

Innoviva Inc (NASDAQ:INVA) saw some unusual options trading on Thursday. Stock traders acquired 2,022 put options on the stock. This represents an increase of 1,444% compared to the average volume of 131 put options.

Several institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its holdings in shares of Innoviva by 10.8% in the second quarter. Dimensional Fund Advisors LP now owns 1,909,111 shares of the biotechnology company’s stock worth $26,346,000 after purchasing an additional 185,825 shares during the last quarter. Jane Street Group LLC bought a new position in shares of Innoviva during the second quarter valued at approximately $147,000. Public Employees Retirement System of Ohio grew its stake in shares of Innoviva by 153.3% during the second quarter. Public Employees Retirement System of Ohio now owns 37,217 shares of the biotechnology company’s stock valued at $514,000 after buying an additional 22,526 shares during the last quarter. First Hawaiian Bank bought a new position in shares of Innoviva during the third quarter valued at approximately $424,000. Finally, MERIAN GLOBAL INVESTORS UK Ltd grew its stake in shares of Innoviva by 41.2% during the third quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 1,469,857 shares of the biotechnology company’s stock valued at $22,400,000 after buying an additional 428,656 shares during the last quarter. Institutional investors and hedge funds own 73.96% of the company’s stock.

INVA has been the topic of several research analyst reports. BidaskClub downgraded Innoviva from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 2nd. Zacks Investment Research downgraded Innoviva from a “buy” rating to a “hold” rating in a research report on Tuesday, January 8th. Finally, ValuEngine upgraded Innoviva from a “sell” rating to a “hold” rating in a research report on Wednesday, October 17th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Innoviva presently has an average rating of “Buy” and an average target price of $16.50.

Shares of Innoviva stock opened at $15.78 on Friday. Innoviva has a 52 week low of $13.26 and a 52 week high of $20.54. The stock has a market capitalization of $1.55 billion, a PE ratio of 4.47 and a beta of 1.89.

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About Innoviva

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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