Victory Capital Management Inc. Buys 52,523 Shares of Innoviva, Inc. (NASDAQ:INVA)

Victory Capital Management Inc. increased its position in Innoviva, Inc. (NASDAQ:INVA - Free Report) by 63.1% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 135,755 shares of the biotechnology company's stock after purchasing an additional 52,523 shares during the quarter. Victory Capital Management Inc. owned approximately 0.22% of Innoviva worth $2,226,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the company. SageView Advisory Group LLC bought a new stake in Innoviva in the first quarter valued at approximately $1,555,000. CWA Asset Management Group LLC acquired a new position in shares of Innoviva during the 4th quarter worth approximately $4,070,000. Boston Partners increased its holdings in shares of Innoviva by 90.3% during the 1st quarter. Boston Partners now owns 391,456 shares of the biotechnology company's stock worth $5,966,000 after acquiring an additional 185,784 shares during the last quarter. O Shaughnessy Asset Management LLC raised its stake in Innoviva by 108.8% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 73,066 shares of the biotechnology company's stock valued at $1,114,000 after acquiring an additional 38,080 shares during the period. Finally, Gerber LLC acquired a new stake in Innoviva during the 4th quarter valued at $550,000. 99.12% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Cantor Fitzgerald reiterated an "overweight" rating on shares of Innoviva in a report on Tuesday, July 30th. StockNews.com cut shares of Innoviva from a "strong-buy" rating to a "buy" rating in a report on Tuesday, August 6th.

Innoviva Stock Performance

INVA traded down $0.17 during trading on Wednesday, hitting $19.54. The stock had a trading volume of 399,196 shares, compared to its average volume of 579,912. The company has a debt-to-equity ratio of 0.67, a current ratio of 12.70 and a quick ratio of 11.40. The company has a 50 day moving average price of $18.55 and a 200-day moving average price of $16.56. Innoviva, Inc. has a one year low of $12.22 and a one year high of $20.19. The firm has a market cap of $1.22 billion, a price-to-earnings ratio of 8.81 and a beta of 0.57.

Innoviva (NASDAQ:INVA - Get Free Report) last announced its 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 during the quarter. As a group, research analysts predict that Innoviva, Inc. will post 0.5 EPS 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.