Empyrean Capital Partners LP lessened its position in Innoviva, Inc. (NASDAQ:INVA) by 8.3% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,997,919 shares of the biotechnology company’s stock after selling 180,896 shares during the quarter. Innoviva makes up about 1.1% of Empyrean Capital Partners LP’s holdings, making the stock its 23rd biggest holding. Empyrean Capital Partners LP owned 1.83% of Innoviva worth $25,573,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the stock. Alps Advisors Inc. lifted its position in shares of Innoviva by 0.3% in the 2nd quarter. Alps Advisors Inc. now owns 38,232 shares of the biotechnology company’s stock valued at $489,000 after acquiring an additional 99 shares in the last quarter. Aperio Group LLC lifted its position in shares of Innoviva by 2.0% in the 2nd quarter. Aperio Group LLC now owns 20,651 shares of the biotechnology company’s stock valued at $264,000 after acquiring an additional 398 shares in the last quarter. Texas Permanent School Fund lifted its position in shares of Innoviva by 1.0% in the 2nd quarter. Texas Permanent School Fund now owns 56,687 shares of the biotechnology company’s stock valued at $726,000 after acquiring an additional 552 shares in the last quarter. Arizona State Retirement System lifted its position in shares of Innoviva by 1.8% in the 1st quarter. Arizona State Retirement System now owns 40,400 shares of the biotechnology company’s stock valued at $559,000 after acquiring an additional 700 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan lifted its position in shares of Innoviva by 4.0% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 18,300 shares of the biotechnology company’s stock valued at $234,000 after acquiring an additional 710 shares in the last quarter. Institutional investors and hedge funds own 69.06% of the company’s stock.

Innoviva, Inc. (NASDAQ INVA) traded down 1.08% during midday trading on Friday, reaching $14.59. 131,248 shares of the company’s stock were exchanged. Innoviva, Inc. has a 1-year low of $8.67 and a 1-year high of $14.87. The stock has a market cap of $1.60 billion, a P/E ratio of 18.35 and a beta of 2.60. The firm’s 50-day moving average is $13.64 and its 200 day moving average is $12.95.

Innoviva (NASDAQ:INVA) last released its quarterly earnings results on Wednesday, July 26th. The biotechnology company reported $0.30 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.02. The company had revenue of $58.60 million during the quarter, compared to analysts’ expectations of $50.53 million. Innoviva had a net margin of 52.56% and a negative return on equity of 27.37%. The business’s quarterly revenue was up 80.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.13 earnings per share. Equities analysts anticipate that Innoviva, Inc. will post $1.16 earnings per share for the current fiscal year.

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Several brokerages recently commented on INVA. Morgan Stanley upped their price target on shares of Innoviva from $7.00 to $8.00 and gave the company an “underweight” rating in a research report on Friday. ValuEngine upgraded shares of Innoviva from a “hold” rating to a “buy” rating in a research report on Monday. Stifel Nicolaus restated a “hold” rating and issued a $15.00 price target on shares of Innoviva in a research report on Friday, July 28th. Zacks Investment Research upgraded shares of Innoviva from a “hold” rating to a “strong-buy” rating and set a $16.00 price target for the company in a research report on Monday, July 31st. Finally, Cowen and Company set a $16.00 price target on shares of Innoviva and gave the company a “buy” rating in a research report on Friday, July 28th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $13.60.

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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