Innoviva, Inc. (NASDAQ:INVA) Shares Sold by ExodusPoint Capital Management LP

ExodusPoint Capital Management LP lessened its position in Innoviva, Inc. (NASDAQ:INVA) by 59.6% in the 4th quarter, Holdings Channel reports. The fund owned 138,689 shares of the biotechnology company’s stock after selling 204,870 shares during the period. ExodusPoint Capital Management LP’s holdings in Innoviva were worth $2,406,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in INVA. FMR LLC increased its stake in shares of Innoviva by 8.2% during the third quarter. FMR LLC now owns 10,119 shares of the biotechnology company’s stock worth $195,000 after acquiring an additional 771 shares during the period. Illinois Municipal Retirement Fund raised its stake in shares of Innoviva by 2.8% during the 4th quarter. Illinois Municipal Retirement Fund now owns 29,066 shares of the biotechnology company’s stock worth $504,000 after buying an additional 784 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its holdings in shares of Innoviva by 10.3% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 13,274 shares of the biotechnology company’s stock valued at $230,000 after buying an additional 1,241 shares during the period. Avantax Advisory Services Inc. boosted its stake in shares of Innoviva by 8.1% in the fourth quarter. Avantax Advisory Services Inc. now owns 18,501 shares of the biotechnology company’s stock valued at $321,000 after buying an additional 1,381 shares in the last quarter. Finally, Royce & Associates LP grew its holdings in Innoviva by 3.0% during the fourth quarter. Royce & Associates LP now owns 59,625 shares of the biotechnology company’s stock worth $1,034,000 after acquiring an additional 1,717 shares during the period. Institutional investors and hedge funds own 99.12% of the company’s stock.

Insider Buying and Selling at Innoviva

In related news, major shareholder Alexander J. Denner sold 151,175 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $17.63, for a total value of $2,665,215.25. Following the sale, the insider now owns 7,125,825 shares of the company’s stock, valued at approximately $125,628,294.75. This represents a 2.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.70% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have commented on INVA shares. StockNews.com downgraded Innoviva from a “buy” rating to a “hold” rating in a report on Tuesday, April 1st. Scotiabank began coverage on shares of Innoviva in a report on Friday, March 7th. They set a “sector outperform” rating and a $55.00 price objective on the stock.

Innoviva Stock Performance

NASDAQ INVA opened at $17.51 on Tuesday. The business has a 50 day moving average price of $17.90 and a 200 day moving average price of $18.56. The company has a market capitalization of $1.10 billion, a P/E ratio of 25.38 and a beta of 0.48. Innoviva, Inc. has a 1-year low of $14.33 and a 1-year high of $21.28. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.79 and a quick ratio of 1.64.

Innoviva (NASDAQ:INVA) last announced its quarterly earnings results on Wednesday, February 26th. The biotechnology company reported $0.57 earnings per share for the quarter. Innoviva had a return on equity of 20.84% and a net margin of 18.31%. The business had revenue of $91.81 million during the quarter. Sell-side analysts expect that Innoviva, Inc. will post 0.33 EPS for the current fiscal year.

Innoviva Company 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.