Redwood Investment Management LLC Sells 4,256 Shares of Innoviva, Inc. (NASDAQ:INVA)

Redwood Investment Management LLC lessened its position in shares of Innoviva, Inc. (NASDAQ:INVA) by 3.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 136,656 shares of the biotechnology company’s stock after selling 4,256 shares during the quarter. Redwood Investment Management LLC’s holdings in Innoviva were worth $2,371,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Barclays PLC raised its holdings in Innoviva by 254.2% during the 3rd quarter. Barclays PLC now owns 100,594 shares of the biotechnology company’s stock worth $1,942,000 after purchasing an additional 72,192 shares during the last quarter. Ritholtz Wealth Management grew its position in shares of Innoviva by 3.9% during the 4th quarter. Ritholtz Wealth Management now owns 74,439 shares of the biotechnology company’s stock worth $1,292,000 after buying an additional 2,782 shares during the period. Exchange Traded Concepts LLC raised its stake in shares of Innoviva by 4.7% during the fourth quarter. Exchange Traded Concepts LLC now owns 162,005 shares of the biotechnology company’s stock worth $2,811,000 after buying an additional 7,220 shares during the last quarter. KBC Group NV lifted its holdings in Innoviva by 73.9% in the fourth quarter. KBC Group NV now owns 4,100 shares of the biotechnology company’s stock valued at $71,000 after buying an additional 1,743 shares during the period. Finally, Pacer Advisors Inc. boosted its stake in Innoviva by 4.3% in the fourth quarter. Pacer Advisors Inc. now owns 2,932,113 shares of the biotechnology company’s stock valued at $50,872,000 after acquiring an additional 121,162 shares during the last quarter. Institutional investors own 99.12% of the company’s stock.

Insiders Place Their Bets

In other Innoviva news, major shareholder Alexander J. Denner sold 1,196,746 shares of the stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $17.52, for a total value of $20,966,989.92. Following the completion of the sale, the insider now directly owns 5,658,705 shares in the company, valued at $99,140,511.60. This represents a 17.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.25% of the company’s stock.

Innoviva Price Performance

Innoviva stock opened at $18.01 on Thursday. The company has a current ratio of 1.79, a quick ratio of 1.64 and a debt-to-equity ratio of 0.38. The firm has a market capitalization of $1.13 billion, a P/E ratio of 26.10 and a beta of 0.35. The business has a 50-day moving average of $17.94 and a 200-day moving average of $18.30. Innoviva, Inc. has a 1 year low of $15.20 and a 1 year high of $21.28.

Innoviva (NASDAQ:INVA) last released its quarterly earnings data on Wednesday, May 7th. The biotechnology company reported $0.25 earnings per share for the quarter. The business had revenue of $88.63 million for the quarter. Innoviva had a net margin of 18.31% and a return on equity of 20.84%. On average, equities analysts anticipate that Innoviva, Inc. will post 0.33 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have commented on INVA shares. StockNews.com raised shares of Innoviva from a “hold” rating to a “buy” rating in a report on Wednesday, April 30th. Scotiabank began coverage on Innoviva in a research note on Friday, March 7th. They set a “sector outperform” rating and a $55.00 price objective for the company.

Innoviva 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.