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

Principal Financial Group Inc. lessened its stake in Innoviva, Inc. (NASDAQ:INVA) by 6.5% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 286,777 shares of the biotechnology company’s stock after selling 20,058 shares during the quarter. Principal Financial Group Inc. owned 0.46% of Innoviva worth $5,538,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Ritholtz Wealth Management lifted its stake in Innoviva by 68.3% in the second quarter. Ritholtz Wealth Management now owns 58,425 shares of the biotechnology company’s stock worth $958,000 after acquiring an additional 23,718 shares during the last quarter. Chase Investment Counsel Corp lifted its position in shares of Innoviva by 8.1% during the 2nd quarter. Chase Investment Counsel Corp now owns 80,000 shares of the biotechnology company’s stock worth $1,312,000 after purchasing an additional 6,000 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of Innoviva by 63.1% during the 2nd quarter. Victory Capital Management Inc. now owns 135,755 shares of the biotechnology company’s stock worth $2,226,000 after purchasing an additional 52,523 shares during the last quarter. Texas Permanent School Fund Corp increased its holdings in Innoviva by 16.3% in the second quarter. Texas Permanent School Fund Corp now owns 57,381 shares of the biotechnology company’s stock valued at $941,000 after buying an additional 8,023 shares during the last quarter. Finally, American Century Companies Inc. lifted its holdings in Innoviva by 369.6% during the 2nd quarter. American Century Companies Inc. now owns 459,690 shares of the biotechnology company’s stock worth $7,539,000 after buying an additional 361,797 shares during the last quarter. 99.12% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, StockNews.com lowered Innoviva from a “buy” rating to a “hold” rating in a research report on Tuesday.

Innoviva Trading Down 0.2 %

Shares of Innoviva stock opened at $17.35 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 company has a fifty day simple moving average of $18.93 and a 200-day simple moving average of $18.60. The stock has a market cap of $1.09 billion, a price-to-earnings ratio of 25.15 and a beta of 0.53. Innoviva, Inc. has a 12-month low of $14.32 and a 12-month high of $21.28.

Innoviva (NASDAQ:INVA) last released its quarterly earnings data on Wednesday, November 6th. The biotechnology company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.25). Innoviva had a net margin of 18.31% and a return on equity of 20.84%. The company had revenue of $89.51 million during the quarter. On average, equities analysts forecast 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.