Principal Financial Group Inc. Grows Stock Holdings in Innoviva, Inc. (NASDAQ:INVA)

Principal Financial Group Inc. increased its stake in shares of Innoviva, Inc. (NASDAQ:INVA) by 0.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 323,991 shares of the biotechnology company’s stock after buying an additional 1,121 shares during the quarter. Principal Financial Group Inc. owned about 0.51% of Innoviva worth $4,938,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Dimensional Fund Advisors LP grew its holdings in shares of Innoviva by 1.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,516,999 shares of the biotechnology company’s stock worth $72,454,000 after buying an additional 66,295 shares during the last quarter. Westfield Capital Management Co. LP lifted its position in Innoviva by 27.8% in the fourth quarter. Westfield Capital Management Co. LP now owns 2,614,127 shares of the biotechnology company’s stock valued at $41,931,000 after purchasing an additional 569,117 shares during the period. Pacer Advisors Inc. lifted its position in Innoviva by 119,140.3% in the fourth quarter. Pacer Advisors Inc. now owns 1,728,984 shares of the biotechnology company’s stock valued at $27,733,000 after purchasing an additional 1,727,534 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Innoviva by 17.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 933,259 shares of the biotechnology company’s stock valued at $14,969,000 after purchasing an additional 135,456 shares during the period. Finally, Invesco Ltd. lifted its position in Innoviva by 55.2% in the third quarter. Invesco Ltd. now owns 661,978 shares of the biotechnology company’s stock valued at $8,599,000 after purchasing an additional 235,330 shares during the period. Hedge funds and other institutional investors own 99.12% of the company’s stock.

Innoviva Price Performance

Shares of INVA stock traded up $0.05 during midday trading on Friday, reaching $16.38. 70,594 shares of the company traded hands, compared to its average volume of 616,416. The firm’s 50 day simple moving average is $15.88 and its two-hundred day simple moving average is $15.68. Innoviva, Inc. has a 1-year low of $12.22 and a 1-year high of $16.86. The company has a debt-to-equity ratio of 0.63, a current ratio of 10.42 and a quick ratio of 9.17. The firm has a market cap of $1.02 billion, a PE ratio of 7.36 and a beta of 0.57.

Innoviva (NASDAQ:INVA) last posted its quarterly earnings results on Wednesday, May 8th. The biotechnology company reported $0.46 earnings per share (EPS) for the quarter. Innoviva had a net margin of 58.21% and a return on equity of 28.94%. The company had revenue of $77.50 million during the quarter. On average, equities research analysts expect that Innoviva, Inc. will post 1.09 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently commented on INVA shares. Cantor Fitzgerald started coverage on shares of Innoviva in a research report on Tuesday, June 18th. They issued an “overweight” rating for the company. StockNews.com upgraded shares of Innoviva from a “hold” rating to a “buy” rating in a research report on Friday, March 29th.

About Innoviva

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.