Innoviva, Inc. (NASDAQ:INVA) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. decreased its holdings in shares of Innoviva, Inc. (NASDAQ:INVA) by 37.3% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 23,224 shares of the biotechnology company’s stock after selling 13,845 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Innoviva were worth $403,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Pacer Advisors Inc. raised its holdings in shares of Innoviva by 4.3% in the 4th quarter. Pacer Advisors Inc. now owns 2,932,113 shares of the biotechnology company’s stock worth $50,872,000 after purchasing an additional 121,162 shares during the period. Systematic Financial Management LP increased its position in Innoviva by 4.7% during the 3rd quarter. Systematic Financial Management LP now owns 1,979,073 shares of the biotechnology company’s stock worth $38,216,000 after purchasing an additional 89,633 shares in the last quarter. Barclays PLC raised its holdings in Innoviva by 254.2% in the third quarter. Barclays PLC now owns 100,594 shares of the biotechnology company’s stock valued at $1,942,000 after buying an additional 72,192 shares during the period. JPMorgan Chase & Co. lifted its position in Innoviva by 14.2% during the third quarter. JPMorgan Chase & Co. now owns 578,243 shares of the biotechnology company’s stock valued at $11,166,000 after buying an additional 72,039 shares in the last quarter. Finally, Jane Street Group LLC grew its stake in Innoviva by 46.4% during the third quarter. Jane Street Group LLC now owns 136,361 shares of the biotechnology company’s stock worth $2,633,000 after buying an additional 43,218 shares during the period. Hedge funds and other institutional investors own 99.12% of the company’s stock.

Innoviva Stock Performance

Shares of INVA stock opened at $17.21 on Friday. Innoviva, Inc. has a 12-month low of $14.33 and a 12-month high of $21.28. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.79 and a quick ratio of 1.64. The firm has a market capitalization of $1.08 billion, a price-to-earnings ratio of 24.94 and a beta of 0.56. The business has a 50 day simple moving average of $18.04 and a 200 day simple moving average of $18.72.

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

Analyst Upgrades and Downgrades

A number of research analysts have commented on INVA shares. Scotiabank started coverage on Innoviva in a research note on Friday, March 7th. They set a “sector outperform” rating and a $55.00 price objective on the stock. StockNews.com downgraded shares of Innoviva from a “buy” rating to a “hold” rating in a research note on Saturday, March 15th.

Insider Activity at Innoviva

In related news, major shareholder Alexander J. Denner sold 1,196,746 shares of the business’s 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 transaction, the insider now directly owns 5,658,705 shares of the company’s stock, valued at approximately $99,140,511.60. The trade was a 17.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.70% of the stock is currently owned by corporate insiders.

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.