Empowered Funds LLC Cuts Stock Holdings in Innoviva, Inc. (NASDAQ:INVA)

Empowered Funds LLC reduced its stake in Innoviva, Inc. (NASDAQ:INVA - Free Report) by 64.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 95,964 shares of the biotechnology company's stock after selling 173,122 shares during the period. Empowered Funds LLC owned approximately 0.15% of Innoviva worth $1,853,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of INVA. EdgeRock Capital LLC bought a new stake in Innoviva in the second quarter valued at about $31,000. Innealta Capital LLC bought a new position in Innoviva in the second quarter worth about $33,000. Bessemer Group Inc. boosted its position in Innoviva by 333.5% during the 1st quarter. Bessemer Group Inc. now owns 2,211 shares of the biotechnology company's stock valued at $33,000 after purchasing an additional 1,701 shares during the period. US Bancorp DE grew its position in shares of Innoviva by 24.5% during the third quarter. US Bancorp DE now owns 2,875 shares of the biotechnology company's stock worth $56,000 after acquiring an additional 566 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in Innoviva by 53.7% during the 2nd quarter. GAMMA Investing LLC now owns 3,476 shares of the biotechnology company's stock worth $57,000 after acquiring an additional 1,214 shares during the period. Hedge funds and other institutional investors own 99.12% of the company's stock.

Analyst Ratings Changes

INVA has been the topic of several research analyst reports. Cantor Fitzgerald reissued an "overweight" rating on shares of Innoviva in a research note on Tuesday, July 30th. StockNews.com downgraded Innoviva from a "strong-buy" rating to a "buy" rating in a research report on Tuesday, August 6th.

Innoviva Stock Down 0.4 %

Innoviva stock opened at $19.08 on Thursday. 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 firm has a market cap of $1.19 billion, a PE ratio of 27.75 and a beta of 0.57. Innoviva, Inc. has a twelve month low of $13.46 and a twelve month high of $21.28. The firm's 50 day moving average price is $19.62 and its two-hundred day moving average price is $18.05.

Innoviva (NASDAQ:INVA - Get Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The biotechnology company reported $0.02 earnings per share for the quarter, missing analysts' consensus estimates of $0.27 by ($0.25). Innoviva had a net margin of 18.31% and a return on equity of 20.84%. The company had revenue of $89.51 million during the quarter. On average, research analysts predict that Innoviva, Inc. will post 0.33 EPS for the current fiscal year.

Innoviva Profile

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.