Prudential Financial Inc. Acquires 110,246 Shares of Innoviva, Inc. (NASDAQ:INVA)

Prudential Financial Inc. increased its holdings in Innoviva, Inc. (NASDAQ:INVA - Free Report) by 157.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 180,122 shares of the biotechnology company's stock after purchasing an additional 110,246 shares during the quarter. Prudential Financial Inc. owned 0.29% of Innoviva worth $3,404,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in INVA. KBC Group NV increased its holdings in shares of Innoviva by 73.9% in the fourth quarter. KBC Group NV now owns 4,100 shares of the biotechnology company's stock worth $71,000 after buying an additional 1,743 shares during the period. FMR LLC grew its position 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 acquiring an additional 771 shares during the last quarter. Walleye Capital LLC purchased a new position in Innoviva in the 3rd quarter worth approximately $214,000. World Investment Advisors LLC bought a new stake in Innoviva in the third quarter valued at approximately $217,000. Finally, China Universal Asset Management Co. Ltd. boosted its stake in shares of Innoviva by 10.3% during 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 purchasing an additional 1,241 shares during the period. 99.12% of the stock is owned by institutional investors.

Insider Activity at Innoviva

In related news, major shareholder Alexander J. Denner sold 1,196,746 shares of the business'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 sale, the insider now owns 5,658,705 shares of the company's stock, valued at $99,140,511.60. The trade was a 17.46 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.70% of the stock is currently owned by corporate insiders.

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Innoviva Trading Down 2.0 %

Innoviva stock traded down $0.36 during mid-day trading on Friday, reaching $17.72. 989,993 shares of the company traded hands, compared to its average volume of 615,923. 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. The firm has a market capitalization of $1.11 billion, a price-to-earnings ratio of 25.68 and a beta of 0.48. The firm's 50 day moving average price is $17.93 and its 200 day moving average price is $18.58.

Innoviva (NASDAQ:INVA - Get Free Report) last announced its quarterly earnings results on Wednesday, February 26th. The biotechnology company reported $0.57 earnings per share (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. On average, analysts anticipate that Innoviva, Inc. will post 0.33 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Scotiabank began coverage on shares of Innoviva in a research report on Friday, March 7th. They set a "sector outperform" rating and a $55.00 price target for the company. StockNews.com lowered shares of Innoviva from a "buy" rating to a "hold" rating in a report on Tuesday, April 1st.

Innoviva Company 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.