First Trust Advisors LP grew its position in Innoviva, Inc. (NASDAQ:INVA) by 669.8% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 111,378 shares of the biotechnology company’s stock after buying an additional 96,909 shares during the period. First Trust Advisors LP owned approximately 0.10% of Innoviva worth $1,426,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the company. Schwab Charles Investment Management Inc. grew its holdings in shares of Innoviva by 1.1% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 348,340 shares of the biotechnology company’s stock valued at $4,459,000 after buying an additional 3,863 shares during the period. Algert Global LLC grew its holdings in shares of Innoviva by 5.9% in the 2nd quarter. Algert Global LLC now owns 150,276 shares of the biotechnology company’s stock valued at $1,924,000 after buying an additional 8,405 shares during the period. Texas Permanent School Fund grew its holdings in shares of Innoviva by 1.0% in the 2nd quarter. Texas Permanent School Fund now owns 56,687 shares of the biotechnology company’s stock valued at $726,000 after buying an additional 552 shares during the period. Spark Investment Management LLC grew its holdings in shares of Innoviva by 96.7% in the 2nd quarter. Spark Investment Management LLC now owns 540,300 shares of the biotechnology company’s stock valued at $6,915,000 after buying an additional 265,600 shares during the period. Finally, Great West Life Assurance Co. Can grew its holdings in shares of Innoviva by 3.7% in the 2nd quarter. Great West Life Assurance Co. Can now owns 111,250 shares of the biotechnology company’s stock valued at $1,423,000 after buying an additional 3,940 shares during the period. 69.07% of the stock is owned by institutional investors.

Several equities analysts have recently issued reports on the stock. ValuEngine lowered shares of Innoviva from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Stifel Nicolaus reissued a “neutral” rating on shares of Innoviva in a report on Friday. Zacks Investment Research raised shares of Innoviva from a “hold” rating to a “strong-buy” rating and set a $16.00 price target for the company in a report on Monday, July 31st. Cowen and Company set a $16.00 price target on shares of Innoviva and gave the company a “buy” rating in a report on Friday, July 28th. Finally, Robert W. Baird reissued a “neutral” rating and issued a $13.00 price target (up previously from $11.00) on shares of Innoviva in a report on Thursday, July 27th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $15.00.

Innoviva, Inc. (NASDAQ INVA) opened at 13.87 on Friday. The firm has a market cap of $1.52 billion, a price-to-earnings ratio of 17.45 and a beta of 2.58. Innoviva, Inc. has a one year low of $8.67 and a one year high of $14.55. The stock has a 50 day moving average of $13.18 and a 200 day moving average of $12.78.

Innoviva (NASDAQ:INVA) last announced its earnings results on Wednesday, July 26th. The biotechnology company reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.02. Innoviva had a net margin of 52.56% and a negative return on equity of 27.37%. The business had revenue of $58.60 million during the quarter, compared to the consensus estimate of $50.53 million. During the same quarter last year, the firm earned $0.13 earnings per share. Innoviva’s quarterly revenue was up 80.3% on a year-over-year basis. Equities research analysts predict that Innoviva, Inc. will post $1.16 EPS for the current fiscal year.

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About Innoviva

Innoviva, Inc, formerly Theravance, Inc, is engaged in the development, commercialization and financial management of bio-pharmaceuticals. It focuses on the respiratory assets partnered with Glaxo Group Limited (GSK), including RELVAR/BREO ELLIPTA (fluticasone furoate (FF)/vilanterol (VI)) and ANORO ELLIPTA (umeclidinium bromide/vilanterol (UMEC/VI)).

Institutional Ownership by Quarter for Innoviva (NASDAQ:INVA)

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