Allspring Global Investments Holdings LLC Buys 242,193 Shares of Innoviva, Inc. $INVA

Allspring Global Investments Holdings LLC boosted its stake in Innoviva, Inc. (NASDAQ:INVA) by 484.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 292,208 shares of the biotechnology company’s stock after purchasing an additional 242,193 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Innoviva were worth $5,870,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Martingale Asset Management L P grew its position in Innoviva by 0.7% in the 1st quarter. Martingale Asset Management L P now owns 78,412 shares of the biotechnology company’s stock worth $1,422,000 after purchasing an additional 570 shares during the period. Parallel Advisors LLC raised its position in Innoviva by 157.5% in the second quarter. Parallel Advisors LLC now owns 1,849 shares of the biotechnology company’s stock worth $37,000 after acquiring an additional 1,131 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Innoviva by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,882 shares of the biotechnology company’s stock worth $596,000 after acquiring an additional 1,392 shares during the period. Uniplan Investment Counsel Inc. raised its position in Innoviva by 0.6% in the first quarter. Uniplan Investment Counsel Inc. now owns 243,507 shares of the biotechnology company’s stock worth $4,415,000 after acquiring an additional 1,493 shares during the period. Finally, Kendall Capital Management raised its position in Innoviva by 4.5% in the first quarter. Kendall Capital Management now owns 35,115 shares of the biotechnology company’s stock worth $637,000 after acquiring an additional 1,500 shares during the period. Institutional investors own 99.12% of the company’s stock.

Analyst Ratings Changes

INVA has been the topic of several recent research reports. Zacks Research upgraded shares of Innoviva from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 8th. Oppenheimer initiated coverage on shares of Innoviva in a research report on Monday, August 11th. They issued an “outperform” rating and a $45.00 price target on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Innoviva in a research report on Wednesday, October 8th. HC Wainwright increased their price target on shares of Innoviva from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, August 11th. Finally, The Goldman Sachs Group initiated coverage on shares of Innoviva in a research report on Tuesday, September 30th. They issued a “sell” rating and a $17.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Innoviva currently has an average rating of “Moderate Buy” and a consensus price target of $37.60.

Innoviva Stock Up 0.1%

Shares of INVA stock opened at $17.27 on Monday. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.64 and a quick ratio of 2.44. The company has a market capitalization of $1.09 billion, a price-to-earnings ratio of 55.71 and a beta of 0.40. The company’s fifty day moving average price is $19.22 and its 200-day moving average price is $19.19. Innoviva, Inc. has a one year low of $16.52 and a one year high of $22.00.

Innoviva (NASDAQ:INVA) last announced its quarterly earnings results on Wednesday, August 6th. The biotechnology company reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.20. The company had revenue of $100.28 million for the quarter, compared to the consensus estimate of $87.10 million. Innoviva had a net margin of 10.44% and a return on equity of 18.67%. Sell-side analysts expect 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.