Pacer Advisors Inc. Reduces Holdings in Innoviva, Inc. (NASDAQ:INVA)

Pacer Advisors Inc. decreased its stake in shares of Innoviva, Inc. (NASDAQ:INVA) by 75.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 715,520 shares of the biotechnology company’s stock after selling 2,216,593 shares during the period. Pacer Advisors Inc. owned 1.14% of Innoviva worth $12,972,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Tower Research Capital LLC TRC increased its position in Innoviva by 75.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 4,962 shares of the biotechnology company’s stock worth $86,000 after purchasing an additional 2,128 shares in the last quarter. Farther Finance Advisors LLC increased its position in Innoviva by 10.3% during the 1st quarter. Farther Finance Advisors LLC now owns 8,516 shares of the biotechnology company’s stock worth $153,000 after purchasing an additional 795 shares in the last quarter. New Age Alpha Advisors LLC purchased a new stake in shares of Innoviva during the fourth quarter worth about $176,000. Bailard Inc. purchased a new stake in shares of Innoviva during the first quarter worth about $189,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of Innoviva during the fourth quarter worth about $184,000. Hedge funds and other institutional investors own 99.12% of the company’s stock.

Innoviva Stock Performance

Shares of INVA stock opened at $18.72 on Friday. Innoviva, Inc. has a one year low of $16.67 and a one year high of $22.00. The company has a 50 day moving average price of $19.99 and a 200 day moving average price of $18.72. The firm has a market capitalization of $1.18 billion, a price-to-earnings ratio of -18.53 and a beta of 0.37. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.30 and a current ratio of 2.48.

Innoviva (NASDAQ:INVA) last announced its quarterly earnings data on Wednesday, May 7th. The biotechnology company reported $0.25 earnings per share (EPS) for the quarter. Innoviva had a negative net margin of 16.15% and a positive return on equity of 15.77%. The company had revenue of $88.63 million during the quarter. Sell-side analysts anticipate that Innoviva, Inc. will post 0.33 EPS for the current year.

Analyst Upgrades and Downgrades

INVA has been the subject of a number of recent analyst reports. Cantor Fitzgerald initiated coverage on Innoviva in a research report on Friday, July 11th. They issued an “overweight” rating and a $26.00 price objective for the company. HC Wainwright started coverage on Innoviva in a report on Monday, July 14th. They issued a “buy” rating and a $40.00 price target for the company. Finally, Wall Street Zen raised shares of Innoviva from a “hold” rating to a “buy” rating in a research note on Wednesday, April 30th.

About Innoviva

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.