Victory Capital Management Inc. Buys 36,929 Shares of Innoviva, Inc. (NASDAQ:INVA)

Victory Capital Management Inc. increased its stake in shares of Innoviva, Inc. (NASDAQ:INVA - Free Report) by 26.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 177,383 shares of the biotechnology company's stock after purchasing an additional 36,929 shares during the quarter. Victory Capital Management Inc. owned approximately 0.28% of Innoviva worth $3,078,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. US Bancorp DE grew its stake in Innoviva by 24.5% in the third quarter. US Bancorp DE now owns 2,875 shares of the biotechnology company's stock valued at $56,000 after purchasing an additional 566 shares in the last quarter. Royce & Associates LP lifted its holdings in shares of Innoviva by 30.1% during the 3rd quarter. Royce & Associates LP now owns 57,908 shares of the biotechnology company's stock valued at $1,118,000 after buying an additional 13,414 shares during the last quarter. Caprock Group LLC bought a new stake in shares of Innoviva in the 3rd quarter valued at approximately $229,000. Segall Bryant & Hamill LLC acquired a new position in Innoviva in the third quarter worth approximately $715,000. Finally, Intech Investment Management LLC increased its holdings in Innoviva by 28.8% in the third quarter. Intech Investment Management LLC now owns 19,537 shares of the biotechnology company's stock worth $377,000 after buying an additional 4,367 shares during the last quarter. 99.12% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Innoviva news, major shareholder Alexander J. Denner sold 1,196,746 shares of the company's stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $17.52, for a total transaction of $20,966,989.92. Following the completion of the sale, the insider now directly owns 5,658,705 shares in the company, valued at $99,140,511.60. This represents a 17.46 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.70% of the company's stock.

Remove Ads

Analyst Ratings Changes

Several analysts have commented on the stock. Scotiabank initiated coverage on shares of Innoviva in a research report on Friday, March 7th. They issued a "sector outperform" rating and a $55.00 target price for the company. StockNews.com lowered shares of Innoviva from a "buy" rating to a "hold" rating in a research note on Saturday, March 15th.

Innoviva Stock Performance

Shares of INVA stock traded down $0.08 during trading on Thursday, reaching $17.22. The company had a trading volume of 354,169 shares, compared to its average volume of 577,904. The firm's 50 day simple moving average is $18.04 and its two-hundred day simple moving average is $18.73. Innoviva, Inc. has a one year low of $14.33 and a one year high of $21.28. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.79 and a quick ratio of 1.64. The company has a market capitalization of $1.08 billion, a PE ratio of 24.94 and a beta of 0.56.

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

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.