Innoviva, Inc. (NASDAQ:INVA) Major Shareholder Alexander J. Denner Sells 1,196,746 Shares

Innoviva, Inc. (NASDAQ:INVA - Get Free Report) major shareholder Alexander J. Denner sold 1,196,746 shares of the stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $17.52, for a total value of $20,966,989.92. Following the transaction, the insider now owns 5,658,705 shares of the company's stock, valued at approximately $99,140,511.60. This trade represents a 17.46 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Major shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.

Innoviva Stock Down 0.9 %

NASDAQ INVA traded down $0.16 during trading hours on Monday, hitting $17.48. 961,720 shares of the company traded hands, compared to its average volume of 571,132. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.64 and a current ratio of 1.79. The business's 50-day moving average is $18.03 and its 200-day moving average is $18.82. The stock has a market capitalization of $1.10 billion, a price-to-earnings ratio of 25.33 and a beta of 0.56. Innoviva, Inc. has a twelve month low of $14.33 and a twelve month high of $21.28.

Innoviva (NASDAQ:INVA - Get Free Report) last released its quarterly earnings results on Wednesday, February 26th. The biotechnology company reported $0.57 earnings per share for the quarter. Innoviva had a net margin of 18.31% and a return on equity of 20.84%. The firm had revenue of $91.81 million for the quarter. Sell-side analysts anticipate that Innoviva, Inc. will post 0.33 earnings per share for the current year.

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Institutional Trading of Innoviva

A number of institutional investors and hedge funds have recently made changes to their positions in INVA. Jefferies Financial Group Inc. raised its position in Innoviva by 355.8% during the fourth quarter. Jefferies Financial Group Inc. now owns 296,238 shares of the biotechnology company's stock valued at $5,140,000 after purchasing an additional 231,238 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Innoviva by 6.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 140,324 shares of the biotechnology company's stock worth $2,435,000 after buying an additional 8,875 shares in the last quarter. Vident Advisory LLC boosted its stake in Innoviva by 11.0% in the fourth quarter. Vident Advisory LLC now owns 26,687 shares of the biotechnology company's stock valued at $463,000 after buying an additional 2,637 shares in the last quarter. Squarepoint Ops LLC grew its position in Innoviva by 2.1% in the fourth quarter. Squarepoint Ops LLC now owns 343,216 shares of the biotechnology company's stock valued at $5,955,000 after acquiring an additional 7,032 shares during the last quarter. Finally, Systematic Financial Management LP lifted its holdings in shares of Innoviva by 2.5% in the fourth quarter. Systematic Financial Management LP now owns 2,029,069 shares of the biotechnology company's stock worth $35,204,000 after acquiring an additional 49,996 shares during the last quarter. Institutional investors own 99.12% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on INVA shares. Scotiabank assumed coverage on Innoviva in a research report on Friday. They set a "sector outperform" rating and a $55.00 price target for the company. StockNews.com raised shares of Innoviva from a "hold" rating to a "buy" rating in a research report on Friday.

About Innoviva

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.