Hussman Strategic Advisors Inc. Sells 84,000 Shares of Innoviva, Inc. (NASDAQ:INVA)

Hussman Strategic Advisors Inc. lessened its holdings in shares of Innoviva, Inc. (NASDAQ:INVA - Free Report) by 50.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 84,000 shares of the biotechnology company's stock after selling 84,000 shares during the period. Hussman Strategic Advisors Inc. owned about 0.13% of Innoviva worth $1,378,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. EdgeRock Capital LLC bought a new position in Innoviva during the 2nd quarter worth $31,000. Bessemer Group Inc. increased its position in shares of Innoviva by 333.5% in the first quarter. Bessemer Group Inc. now owns 2,211 shares of the biotechnology company's stock worth $33,000 after purchasing an additional 1,701 shares during the period. Innealta Capital LLC acquired a new position in Innoviva in the second quarter valued at about $33,000. GAMMA Investing LLC lifted its position in Innoviva by 124.0% during the first quarter. GAMMA Investing LLC now owns 2,262 shares of the biotechnology company's stock worth $34,000 after purchasing an additional 1,252 shares during the period. Finally, SG Americas Securities LLC acquired a new stake in Innoviva during the first quarter worth about $138,000. 99.12% of the stock is owned by institutional investors.

Innoviva Price Performance

Innoviva stock traded up $0.28 during midday trading on Friday, reaching $19.38. The company's stock had a trading volume of 444,369 shares, compared to its average volume of 364,394. The stock has a market cap of $1.21 billion, a PE ratio of 8.73 and a beta of 0.57. The company has a current ratio of 12.70, a quick ratio of 11.40 and a debt-to-equity ratio of 0.67. Innoviva, Inc. has a 52 week low of $12.22 and a 52 week high of $19.45. The business has a 50-day moving average price of $17.78 and a 200-day moving average price of $16.22.

Innoviva (NASDAQ:INVA - Get Free Report) last announced its quarterly earnings results on Wednesday, July 31st. The biotechnology company reported $0.68 earnings per share (EPS) for the quarter. Innoviva had a net margin of 44.00% and a return on equity of 33.26%. The company had revenue of $99.90 million for the quarter. On average, sell-side analysts predict that Innoviva, Inc. will post 0.5 EPS for the current year.

Analyst Upgrades and Downgrades

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

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.