Innoviva, Inc. (NASDAQ:INVA) Major Shareholder Sells $20,966,989.92 in Stock

Innoviva, Inc. (NASDAQ:INVA) major shareholder Alexander J. Denner sold 1,196,746 shares of Innoviva stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $17.52, for a total transaction of $20,966,989.92. Following the sale, the insider now directly owns 5,658,705 shares in the company, valued at approximately $99,140,511.60. The trade was a 17.46 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Large shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Innoviva Stock Up 0.3 %

Shares of NASDAQ INVA opened at $17.64 on Friday. The firm has a market cap of $1.10 billion, a price-to-earnings ratio of 25.57 and a beta of 0.56. The company has a quick ratio of 1.64, a current ratio of 1.79 and a debt-to-equity ratio of 0.38. Innoviva, Inc. has a 52-week low of $14.33 and a 52-week high of $21.28. The business’s 50 day moving average is $18.03 and its two-hundred day moving average is $18.82.

Innoviva (NASDAQ:INVA) last announced its earnings results on Wednesday, February 26th. The biotechnology company reported $0.57 earnings per share (EPS) for the quarter. The company had revenue of $91.81 million for the quarter. Innoviva had a return on equity of 20.84% and a net margin of 18.31%. Research analysts predict that Innoviva, Inc. will post 0.33 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have recently commented on INVA. StockNews.com raised shares of Innoviva from a “hold” rating to a “buy” rating in a research report on Friday. Scotiabank began coverage on shares of Innoviva in a research report on Friday. They set a “sector outperform” rating and a $55.00 price target on the stock.

Institutional Trading of Innoviva

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. US Bancorp DE raised its position in Innoviva by 24.5% in the third quarter. US Bancorp DE now owns 2,875 shares of the biotechnology company’s stock valued at $56,000 after purchasing an additional 566 shares during the period. KBC Group NV grew its stake in shares of Innoviva by 73.9% in the fourth quarter. KBC Group NV now owns 4,100 shares of the biotechnology company’s stock worth $71,000 after acquiring an additional 1,743 shares in the last quarter. Tower Research Capital LLC TRC grew its stake in shares of Innoviva by 75.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 4,962 shares of the biotechnology company’s stock worth $86,000 after acquiring an additional 2,128 shares in the last quarter. FMR LLC grew its stake in shares of Innoviva by 8.2% in the third quarter. FMR LLC now owns 10,119 shares of the biotechnology company’s stock worth $195,000 after acquiring an additional 771 shares in the last quarter. Finally, New Age Alpha Advisors LLC acquired a new position in shares of Innoviva in the fourth quarter worth $176,000. Hedge funds and other institutional investors own 99.12% of the company’s stock.

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.