Chicago Equity Partners LLC lowered its stake in shares of Innoviva Inc (NASDAQ:INVA) by 0.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 542,410 shares of the biotechnology company’s stock after selling 3,785 shares during the quarter. Chicago Equity Partners LLC owned approximately 0.53% of Innoviva worth $8,266,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of INVA. Millennium Management LLC increased its stake in shares of Innoviva by 458.3% in the 1st quarter. Millennium Management LLC now owns 339,010 shares of the biotechnology company’s stock valued at $5,651,000 after purchasing an additional 278,287 shares in the last quarter. Campbell & CO Investment Adviser LLC increased its stake in shares of Innoviva by 77.4% in the 2nd quarter. Campbell & CO Investment Adviser LLC now owns 37,812 shares of the biotechnology company’s stock valued at $522,000 after purchasing an additional 16,500 shares in the last quarter. Municipal Employees Retirement System of Michigan increased its stake in shares of Innoviva by 16.8% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 32,680 shares of the biotechnology company’s stock valued at $451,000 after purchasing an additional 4,690 shares in the last quarter. James Investment Research Inc. purchased a new position in shares of Innoviva in the 2nd quarter valued at about $2,797,000. Finally, Creative Planning increased its stake in shares of Innoviva by 18.9% in the 2nd quarter. Creative Planning now owns 43,290 shares of the biotechnology company’s stock valued at $597,000 after purchasing an additional 6,895 shares in the last quarter. 72.44% of the stock is currently owned by hedge funds and other institutional investors.
In other Innoviva news, VP Theodore J. Jr. Witek sold 8,504 shares of the business’s stock in a transaction that occurred on Tuesday, August 21st. The stock was sold at an average price of $14.12, for a total transaction of $120,076.48. Following the completion of the sale, the vice president now directly owns 256,271 shares in the company, valued at approximately $3,618,546.52. The transaction was disclosed in a document filed with the SEC, which is available through this link. 1.44% of the stock is currently owned by insiders.
Shares of Innoviva stock opened at $16.05 on Tuesday. Innoviva Inc has a twelve month low of $12.12 and a twelve month high of $17.99. The stock has a market capitalization of $1.62 billion, a P/E ratio of 9.07 and a beta of 2.19.
Innoviva (NASDAQ:INVA) last announced its quarterly earnings results on Wednesday, October 31st. The biotechnology company reported $0.43 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.49 by ($0.06). Innoviva had a net margin of 75.67% and a negative return on equity of 110.01%. The business had revenue of $61.70 million during the quarter, compared to analysts’ expectations of $64.00 million. During the same quarter in the prior year, the firm earned $0.21 EPS. Innoviva’s revenue for the quarter was up 27.0% on a year-over-year basis. As a group, research analysts forecast that Innoviva Inc will post 1.83 earnings per share for the current year.
Several equities analysts recently weighed in on the company. ValuEngine lowered Innoviva from a “hold” rating to a “sell” rating in a research note on Tuesday, September 4th. BidaskClub upgraded Innoviva from a “sell” rating to a “hold” rating in a research note on Thursday, September 6th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $15.00.
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Innoviva, Inc engages in the development and commercialization of bio-pharmaceuticals. Its portfolio of respiratory products include RELVAR/BREO ELLIPTA, (fluticasone furoate/ vilanterol, FF/VI); ANORO ELLIPTA (umeclidinium bromide/ vilanterol, UMEC/VI); and TRELEGY ELLIPTA (the combination FF/UMEC/VI).
See Also: Cost of Capital
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