Pacer Advisors Inc. Sells 2,311 Shares of Innoviva, Inc. (NASDAQ:INVA)

Pacer Advisors Inc. reduced its holdings in shares of Innoviva, Inc. (NASDAQ:INVA) by 0.1% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,358,561 shares of the biotechnology company’s stock after selling 2,311 shares during the quarter. Pacer Advisors Inc. owned approximately 5.38% of Innoviva worth $55,080,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in INVA. EdgeRock Capital LLC acquired a new position in Innoviva during the second quarter worth $31,000. Bessemer Group Inc. lifted its position in Innoviva by 333.5% during the 1st quarter. Bessemer Group Inc. now owns 2,211 shares of the biotechnology company’s stock worth $33,000 after buying an additional 1,701 shares in the last quarter. Innealta Capital LLC acquired a new position in shares of Innoviva during the 2nd quarter worth about $33,000. GAMMA Investing LLC grew its holdings in shares of Innoviva by 124.0% in the 1st quarter. GAMMA Investing LLC now owns 2,262 shares of the biotechnology company’s stock valued at $34,000 after acquiring an additional 1,252 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new stake in shares of Innoviva in the first quarter valued at about $138,000. 99.12% of the stock is currently owned by institutional investors and hedge funds.

Innoviva Stock Performance

Shares of INVA opened at $19.36 on Friday. The company has a market cap of $1.21 billion, a PE ratio of 8.72 and a beta of 0.57. The firm has a 50-day moving average of $18.71 and a 200-day moving average of $16.64. Innoviva, Inc. has a one year low of $12.22 and a one year high of $20.19. The company has a debt-to-equity ratio of 0.67, a current ratio of 12.70 and a quick ratio of 11.40.

Innoviva (NASDAQ:INVA) last posted its quarterly earnings results on Wednesday, July 31st. The biotechnology company reported $0.68 EPS for the quarter. The business had revenue of $99.90 million during the quarter. Innoviva had a return on equity of 33.26% and a net margin of 44.00%. As a group, equities analysts forecast that Innoviva, Inc. will post 0.5 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on INVA shares. Cantor Fitzgerald reissued an “overweight” rating on shares of Innoviva in a research report on Tuesday, July 30th. StockNews.com downgraded Innoviva from a “strong-buy” rating to a “buy” rating in a report on Tuesday, August 6th.

About Innoviva

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.