Avantax Advisory Services Inc. Grows Position in Innoviva, Inc. (NASDAQ:INVA)

Avantax Advisory Services Inc. grew its stake in Innoviva, Inc. (NASDAQ:INVA) by 8.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,501 shares of the biotechnology company’s stock after acquiring an additional 1,381 shares during the period. Avantax Advisory Services Inc.’s holdings in Innoviva were worth $321,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in INVA. Pacer Advisors Inc. lifted its stake in Innoviva by 4.3% in the fourth quarter. Pacer Advisors Inc. now owns 2,932,113 shares of the biotechnology company’s stock worth $50,872,000 after acquiring an additional 121,162 shares during the period. Systematic Financial Management LP boosted its stake in Innoviva by 4.7% in 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. Geode Capital Management LLC lifted its position in Innoviva by 1.0% during the 3rd quarter. Geode Capital Management LLC now owns 1,357,557 shares of the biotechnology company’s stock worth $26,219,000 after acquiring an additional 13,257 shares during the period. JPMorgan Chase & Co. lifted its stake in Innoviva by 14.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 578,243 shares of the biotechnology company’s stock valued at $11,166,000 after acquiring an additional 72,039 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in shares of Innoviva by 3.8% in the 4th quarter. Principal Financial Group Inc. now owns 297,776 shares of the biotechnology company’s stock valued at $5,166,000 after buying an additional 10,999 shares during the period. Hedge funds and other institutional investors own 99.12% of the company’s stock.

Insider Activity

In related news, major shareholder Alexander J. Denner sold 151,175 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $17.63, for a total value of $2,665,215.25. Following the completion of the sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.70% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on INVA. StockNews.com upgraded Innoviva from a “hold” rating to a “buy” rating in a research note on Monday. Scotiabank began coverage on Innoviva in a research report on Friday, March 7th. They set a “sector outperform” rating and a $55.00 target price on the stock.

Innoviva Price Performance

Shares of Innoviva stock opened at $17.38 on Wednesday. The stock has a market capitalization of $1.09 billion, a P/E ratio of 25.19 and a beta of 0.56. The business has a 50 day simple moving average of $18.02 and a two-hundred day simple moving average of $18.67. 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.

Innoviva (NASDAQ:INVA) last posted its quarterly earnings data on Wednesday, February 26th. The biotechnology company reported $0.57 EPS for the quarter. Innoviva had a return on equity of 20.84% and a net margin of 18.31%. The firm had revenue of $91.81 million during the quarter. As a group, analysts predict 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.