Convergence Investment Partners LLC Raises Holdings in Innoviva Inc (INVA)

Convergence Investment Partners LLC boosted its holdings in Innoviva Inc (NASDAQ:INVA) by 6.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 130,211 shares of the biotechnology company’s stock after acquiring an additional 7,350 shares during the quarter. Convergence Investment Partners LLC owned about 0.12% of Innoviva worth $1,848,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the business. GSA Capital Partners LLP bought a new stake in Innoviva in the third quarter worth about $1,111,000. Cubist Systematic Strategies LLC raised its holdings in Innoviva by 162.1% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 34,087 shares of the biotechnology company’s stock worth $481,000 after buying an additional 21,082 shares during the period. Sarissa Capital Management LP raised its holdings in Innoviva by 3.2% during the 3rd quarter. Sarissa Capital Management LP now owns 3,600,705 shares of the biotechnology company’s stock worth $50,841,000 after buying an additional 110,000 shares during the period. Jane Street Group LLC acquired a new stake in Innoviva during the 3rd quarter worth about $144,000. Finally, Magnetar Financial LLC acquired a new stake in Innoviva during the 3rd quarter worth about $182,000. Hedge funds and other institutional investors own 74.41% of the company’s stock.

Shares of Innoviva Inc (NASDAQ INVA) opened at $14.52 on Thursday. The company has a debt-to-equity ratio of -2.59, a quick ratio of 6.71 and a current ratio of 6.71. The stock has a market capitalization of $1,572.70, a PE ratio of 16.69 and a beta of 2.52. Innoviva Inc has a twelve month low of $10.30 and a twelve month high of $14.87.

Innoviva (NASDAQ:INVA) last released its earnings results on Wednesday, October 25th. The biotechnology company reported $0.21 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.34 by ($0.13). Innoviva had a net margin of 52.91% and a negative return on equity of 33.55%. The business had revenue of $48.64 million for the quarter, compared to analysts’ expectations of $57.18 million. During the same period last year, the firm earned $0.13 EPS. The company’s revenue was up 46.0% compared to the same quarter last year. equities analysts expect that Innoviva Inc will post 1.08 earnings per share for the current year.

In other Innoviva news, CFO Eric Desparbes sold 15,285 shares of Innoviva stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $13.28, for a total transaction of $202,984.80. Following the transaction, the chief financial officer now owns 337,027 shares of the company’s stock, valued at approximately $4,475,718.56. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michael W. Aguiar sold 12,022 shares of Innoviva stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $13.13, for a total value of $157,848.86. Following the transaction, the insider now directly owns 980,907 shares in the company, valued at approximately $12,879,308.91. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 32,522 shares of company stock worth $429,985. Company insiders own 1.60% of the company’s stock.

Several research firms have issued reports on INVA. Robert W. Baird restated a “hold” rating and set a $13.00 price objective on shares of Innoviva in a report on Tuesday, October 24th. BidaskClub upgraded Innoviva from a “hold” rating to a “buy” rating in a report on Thursday, December 21st. Deutsche Bank began coverage on Innoviva in a report on Monday, November 20th. They set a “hold” rating and a $13.00 price objective on the stock. Zacks Investment Research downgraded Innoviva from a “buy” rating to a “hold” rating in a report on Monday, October 30th. Finally, Morgan Stanley restated an “underweight” rating and set a $8.00 price objective (up previously from $7.00) on shares of Innoviva in a report on Friday, October 6th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $13.50.

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Innoviva Profile

Innoviva, Inc, formerly Theravance, Inc, is engaged in the development, commercialization and financial management of bio-pharmaceuticals. It focuses on the respiratory assets partnered with Glaxo Group Limited (GSK), including RELVAR/BREO ELLIPTA (fluticasone furoate (FF)/vilanterol (VI)) and ANORO ELLIPTA (umeclidinium bromide/vilanterol (UMEC/VI)).

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Institutional Ownership by Quarter for Innoviva (NASDAQ:INVA)

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