Pacer Advisors Inc. Sells 547,610 Shares of Innoviva, Inc. (NASDAQ:INVA)

Pacer Advisors Inc. reduced its stake in Innoviva, Inc. (NASDAQ:INVA - Free Report) by 16.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,810,951 shares of the biotechnology company's stock after selling 547,610 shares during the period. Pacer Advisors Inc. owned approximately 4.49% of Innoviva worth $54,279,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new stake in shares of Innoviva during the 1st quarter worth $138,000. ProShare Advisors LLC increased its holdings in Innoviva by 6.2% in the 1st quarter. ProShare Advisors LLC now owns 16,150 shares of the biotechnology company's stock valued at $246,000 after buying an additional 942 shares during the period. O Shaughnessy Asset Management LLC increased its holdings 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 buying an additional 38,080 shares during the period. Bessemer Group Inc. raised its position in shares of Innoviva by 333.5% in the 1st quarter. Bessemer Group Inc. now owns 2,211 shares of the biotechnology company's stock valued at $33,000 after buying an additional 1,701 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co lifted its holdings in shares of Innoviva by 4.7% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 49,560 shares of the biotechnology company's stock worth $755,000 after acquiring an additional 2,242 shares during the period. Institutional investors and hedge funds own 99.12% of the company's stock.

Innoviva Price Performance

Shares of Innoviva stock traded up $0.09 during midday trading on Friday, hitting $19.15. 894,114 shares of the company traded hands, compared to its average volume of 589,841. The firm's fifty day moving average price is $19.61 and its 200-day moving average price is $18.06. The stock has a market cap of $1.20 billion, a price-to-earnings ratio of 27.73 and a beta of 0.57. Innoviva, Inc. has a 12 month low of $13.57 and a 12 month high of $21.28. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.64 and a current ratio of 1.79.

Innoviva (NASDAQ:INVA - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The biotechnology company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.25). Innoviva had a return on equity of 20.84% and a net margin of 18.31%. The company had revenue of $89.51 million for the quarter. As a group, sell-side analysts forecast that Innoviva, Inc. will post 0.33 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have commented on INVA. Cantor Fitzgerald restated an "overweight" rating on shares of Innoviva in a research report on Tuesday, July 30th. StockNews.com cut Innoviva from a "strong-buy" rating to a "buy" rating in a report on Tuesday, August 6th.

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.