Vestcor Inc Boosts Stock Holdings in Innoviva, Inc. (NASDAQ:INVA)

Vestcor Inc raised its holdings in shares of Innoviva, Inc. (NASDAQ:INVA) by 8.3% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 60,026 shares of the biotechnology company’s stock after acquiring an additional 4,613 shares during the period. Vestcor Inc’s holdings in Innoviva were worth $1,041,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Avantax Advisory Services Inc. boosted its position in Innoviva by 8.1% during the fourth quarter. Avantax Advisory Services Inc. now owns 18,501 shares of the biotechnology company’s stock valued at $321,000 after buying an additional 1,381 shares during the period. HighTower Advisors LLC boosted its position in Innoviva by 11.4% during the fourth quarter. HighTower Advisors LLC now owns 35,617 shares of the biotechnology company’s stock valued at $618,000 after buying an additional 3,649 shares during the period. AlphaQuest LLC purchased a new stake in shares of Innoviva during the fourth quarter worth about $848,000. Inceptionr LLC purchased a new stake in shares of Innoviva during the fourth quarter worth about $287,000. Finally, Assetmark Inc. boosted its holdings in shares of Innoviva by 7.7% during the fourth quarter. Assetmark Inc. now owns 166,879 shares of the biotechnology company’s stock worth $2,895,000 after purchasing an additional 11,989 shares during the period. 99.12% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Innoviva news, major shareholder Alexander J. Denner sold 151,175 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $17.63, for a total transaction of $2,665,215.25. Following the completion of the transaction, the insider now owns 7,125,825 shares of the company’s stock, valued at approximately $125,628,294.75. This trade represents a 2.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.70% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. StockNews.com lowered shares of Innoviva from a “buy” rating to a “hold” rating in a report on Saturday. Scotiabank assumed coverage on shares of Innoviva in a report on Friday, March 7th. They set a “sector outperform” rating and a $55.00 target price for the company.

Innoviva Stock Performance

Shares of INVA opened at $17.39 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.79 and a quick ratio of 1.64. Innoviva, Inc. has a one year low of $14.33 and a one year high of $21.28. The company has a 50-day simple moving average of $18.03 and a two-hundred day simple moving average of $18.77. The firm has a market capitalization of $1.09 billion, a PE ratio of 25.20 and a beta of 0.56.

Innoviva (NASDAQ:INVA) last issued its quarterly earnings data on Wednesday, February 26th. The biotechnology company reported $0.57 EPS for the quarter. Innoviva had a net margin of 18.31% and a return on equity of 20.84%. The business had revenue of $91.81 million during the quarter. On average, analysts anticipate that Innoviva, Inc. will post 0.33 EPS for the current fiscal year.

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.