Innoviva Inc. (INVA) Sees Large Growth in Short Interest
Innoviva Inc. (NASDAQ:INVA) was the recipient of a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 23,692,064 shares, a growth of 6.3% from the October 14th total of 22,282,459 shares. Approximately 30.6% of the company’s shares are sold short. Based on an average trading volume of 807,626 shares, the short-interest ratio is currently 29.3 days.
Innoviva (NASDAQ:INVA) opened at 11.13 on Wednesday. Innoviva has a 52 week low of $7.56 and a 52 week high of $14.15. The company has a market cap of $1.21 billion, a P/E ratio of 32.54 and a beta of 2.17. The company’s 50-day moving average is $10.38 and its 200-day moving average is $11.19.
Innoviva (NASDAQ:INVA) last posted its earnings results on Thursday, October 27th. The company reported $0.17 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.19 by $0.02. The firm had revenue of $33.30 million for the quarter, compared to the consensus estimate of $38.71 million. Innoviva had a negative return on equity of 13.60% and a net margin of 34.01%. The business’s revenue was up 145.6% on a year-over-year basis. During the same period last year, the company posted ($0.04) EPS. On average, analysts anticipate that Innoviva will post $0.52 EPS for the current fiscal year.
INVA has been the subject of several analyst reports. Zacks Investment Research raised shares of Innoviva from a “hold” rating to a “buy” rating and set a $12.00 price target for the company in a research note on Tuesday, August 30th. TheStreet raised shares of Innoviva from a “sell” rating to a “hold” rating in a research note on Thursday, July 28th. Cowen and Company raised shares of Innoviva from a “market perform” rating to an “outperform” rating and set a $15.00 price target for the company in a research note on Monday, October 31st. Finally, Robert W. Baird reaffirmed a “neutral” rating and set a $11.00 price target (up previously from $9.00) on shares of Innoviva in a research note on Sunday, July 31st.
In other news, CFO Eric Desparbes sold 3,700 shares of the firm’s stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $11.77, for a total transaction of $43,549.00. Following the completion of the transaction, the chief financial officer now owns 239,893 shares of the company’s stock, valued at $2,823,540.61. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.60% of the company’s stock.
A number of hedge funds have recently bought and sold shares of INVA. Aperio Group LLC boosted its position in Innoviva by 1.4% in the third quarter. Aperio Group LLC now owns 11,836 shares of the company’s stock worth $130,000 after buying an additional 169 shares in the last quarter. Teacher Retirement System of Texas boosted its position in Innoviva by 4.4% in the second quarter. Teacher Retirement System of Texas now owns 11,183 shares of the company’s stock worth $118,000 after buying an additional 468 shares in the last quarter. BlackRock Inc. boosted its position in Innoviva by 2.0% in the third quarter. BlackRock Inc. now owns 26,428 shares of the company’s stock worth $291,000 after buying an additional 529 shares in the last quarter. Zacks Investment Management boosted its position in Innoviva by 3.3% in the third quarter. Zacks Investment Management now owns 16,957 shares of the company’s stock worth $186,000 after buying an additional 542 shares in the last quarter. Finally, Rhumbline Advisers boosted its position in Innoviva by 1.5% in the third quarter. Rhumbline Advisers now owns 92,098 shares of the company’s stock worth $1,012,000 after buying an additional 1,370 shares in the last quarter. 81.66% of the stock is currently owned by institutional investors and hedge funds.
Innoviva Company Profile
Innoviva, Inc, formerly Theravance, Inc, focuses on bringing new medicines to patients in areas of unmet need. The Company is engaged in the development, commercialization and financial management of bio-pharmaceuticals. Its portfolio focuses on the respiratory assets partnered with Glaxo Group Limited (GSK), including RELVAR/BREO ELLIPTA (fluticasone furoate/vilanterol (FF/VI)) and ANORO ELLIPTA (umeclidinium bromide/vilanterol (UMEC/VI)).
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