Norges Bank Makes New $1.48 Million Investment in Innoviva, Inc. (NASDAQ:INVA)

Norges Bank bought a new stake in shares of Innoviva, Inc. (NASDAQ:INVA - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 85,282 shares of the biotechnology company's stock, valued at approximately $1,480,000. Norges Bank owned 0.14% of Innoviva as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. KBC Group NV raised its holdings in shares of Innoviva by 73.9% during the fourth quarter. KBC Group NV now owns 4,100 shares of the biotechnology company's stock valued at $71,000 after purchasing an additional 1,743 shares during the period. FMR LLC raised its stake in Innoviva by 8.2% during the 3rd quarter. FMR LLC now owns 10,119 shares of the biotechnology company's stock worth $195,000 after buying an additional 771 shares during the period. World Investment Advisors LLC bought a new position in Innoviva in the third quarter worth approximately $217,000. China Universal Asset Management Co. Ltd. grew its stake in Innoviva by 10.3% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 13,274 shares of the biotechnology company's stock valued at $230,000 after acquiring an additional 1,241 shares during the period. Finally, Entropy Technologies LP bought a new stake in shares of Innoviva during the fourth quarter valued at approximately $248,000. 99.12% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on INVA shares. Scotiabank began coverage on shares of Innoviva in a report on Friday, March 7th. They issued a "sector outperform" rating and a $55.00 target price on the stock. StockNews.com raised shares of Innoviva from a "hold" rating to a "buy" rating in a report on Monday.

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Innoviva Stock Performance

Shares of NASDAQ INVA traded up $0.06 during mid-day trading on Wednesday, reaching $18.17. 302,964 shares of the company's stock were exchanged, compared to its average volume of 633,541. The firm has a market capitalization of $1.14 billion, a price-to-earnings ratio of 26.33 and a beta of 0.48. The firm has a 50-day moving average price of $17.73 and a two-hundred day moving average price of $18.48. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.79 and a quick ratio of 1.64. Innoviva, Inc. has a 52 week low of $14.33 and a 52 week high of $21.28.

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

Insider Buying and Selling

In other news, major shareholder Alexander J. Denner sold 1,196,746 shares of the stock in a transaction on Thursday, March 6th. The shares were 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 $99,140,511.60. This represents a 17.46 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.70% of the stock is currently owned by insiders.

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.