Principal Financial Group Inc. Sells 20,058 Shares of Innoviva, Inc. (NASDAQ:INVA)

Principal Financial Group Inc. lessened its stake in shares of Innoviva, Inc. (NASDAQ:INVA) by 6.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 286,777 shares of the biotechnology company’s stock after selling 20,058 shares during the quarter. Principal Financial Group Inc. owned about 0.46% of Innoviva worth $5,538,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in INVA. SG Americas Securities LLC bought a new position in shares of Innoviva during the 1st quarter worth about $138,000. Avantax Advisory Services Inc. raised its holdings in shares of Innoviva by 32.2% in the 1st quarter. Avantax Advisory Services Inc. now owns 16,413 shares of the biotechnology company’s stock worth $250,000 after acquiring an additional 3,996 shares during the last quarter. ProShare Advisors LLC raised its holdings in shares of Innoviva by 6.2% in the 1st quarter. ProShare Advisors LLC now owns 16,150 shares of the biotechnology company’s stock worth $246,000 after acquiring an additional 942 shares during the last quarter. O Shaughnessy Asset Management LLC raised its holdings in shares of Innoviva by 108.8% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 73,066 shares of the biotechnology company’s stock worth $1,114,000 after acquiring an additional 38,080 shares during the last quarter. Finally, Bessemer Group Inc. raised its holdings in shares of Innoviva by 333.5% in the 1st quarter. Bessemer Group Inc. now owns 2,211 shares of the biotechnology company’s stock worth $33,000 after acquiring an additional 1,701 shares during the last quarter. Institutional investors own 99.12% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on INVA shares. StockNews.com lowered shares of Innoviva from a “strong-buy” rating to a “buy” rating in a report on Tuesday, August 6th. Cantor Fitzgerald restated an “overweight” rating on shares of Innoviva in a report on Tuesday, July 30th.

Innoviva Stock Performance

Shares of Innoviva stock opened at $19.15 on Thursday. The firm has a market capitalization of $1.20 billion, a P/E ratio of 27.75 and a beta of 0.57. Innoviva, Inc. has a 12 month low of $13.41 and a 12 month high of $21.28. 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 business’s fifty day simple moving average is $19.62 and its 200 day simple moving average is $18.05.

Innoviva (NASDAQ:INVA) last released its earnings results on Wednesday, November 6th. The biotechnology company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.25). The company had revenue of $89.51 million during the quarter. Innoviva had a net margin of 18.31% and a return on equity of 20.84%. As a group, analysts anticipate that Innoviva, Inc. will post 0.33 EPS for the current year.

Innoviva Company 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.