Principal Financial Group Inc. Increases Holdings in Innoviva, Inc. (INVA)
Principal Financial Group Inc. grew its position in Innoviva, Inc. (NASDAQ:INVA) by 1.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 643,244 shares of the biotechnology company’s stock after acquiring an additional 7,300 shares during the quarter. Principal Financial Group Inc. owned 0.60% of Innoviva worth $8,233,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. Ameritas Investment Partners Inc. lifted its position in shares of Innoviva by 868.0% in the 1st quarter. Ameritas Investment Partners Inc. now owns 7,328 shares of the biotechnology company’s stock worth $101,000 after acquiring an additional 6,571 shares during the period. Victory Capital Management Inc. bought a new position in shares of Innoviva during the 1st quarter worth approximately $117,000. State of Alaska Department of Revenue lifted its position in shares of Innoviva by 79.1% during the 2nd quarter. State of Alaska Department of Revenue now owns 15,327 shares of the biotechnology company’s stock worth $196,000 after buying an additional 6,767 shares during the period. BNP Paribas Arbitrage SA lifted its position in shares of Innoviva by 11.6% during the 1st quarter. BNP Paribas Arbitrage SA now owns 15,984 shares of the biotechnology company’s stock worth $221,000 after buying an additional 1,656 shares during the period. Finally, TrimTabs Asset Management LLC bought a new position in shares of Innoviva during the 2nd quarter worth approximately $206,000. Institutional investors own 69.06% of the company’s stock.
Shares of Innoviva, Inc. (INVA) opened at 14.11 on Thursday. The firm has a market capitalization of $1.54 billion, a PE ratio of 17.75 and a beta of 2.58. Innoviva, Inc. has a 12-month low of $8.67 and a 12-month high of $14.55. The company’s 50-day moving average price is $13.18 and its 200-day moving average price is $12.83.
Innoviva (NASDAQ:INVA) last released its earnings results on Wednesday, July 26th. The biotechnology company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.02. Innoviva had a negative return on equity of 27.37% and a net margin of 52.56%. The firm had revenue of $58.60 million during the quarter, compared to analysts’ expectations of $50.53 million. During the same period in the prior year, the company earned $0.13 earnings per share. The company’s quarterly revenue was up 80.3% on a year-over-year basis. Analysts anticipate that Innoviva, Inc. will post $1.16 EPS for the current year.
INVA has been the subject of several analyst reports. Zacks Investment Research downgraded Innoviva from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 16th. Cowen and Company set a $16.00 target price on Innoviva and gave the stock a “buy” rating in a research report on Friday, July 28th. ValuEngine downgraded Innoviva from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Robert W. Baird reaffirmed a “neutral” rating and set a $13.00 price target (up from $11.00) on shares of Innoviva in a report on Thursday, July 27th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and set a $15.00 price target on shares of Innoviva in a report on Friday, July 28th. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $15.00.
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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)).
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