Schwab Charles Investment Management Inc. raised its stake in shares of Innoviva, Inc. (NASDAQ:INVA) by 5.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 344,477 shares of the biotechnology company’s stock after buying an additional 18,555 shares during the period. Schwab Charles Investment Management Inc.’s holdings in Innoviva were worth $4,765,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in INVA. Algert Global LLC acquired a new position in shares of Innoviva during the first quarter valued at approximately $1,962,000. Chicago Equity Partners LLC increased its position in shares of Innoviva by 23.7% in the first quarter. Chicago Equity Partners LLC now owns 260,385 shares of the biotechnology company’s stock valued at $3,601,000 after buying an additional 49,955 shares during the last quarter. Great West Life Assurance Co. Can increased its position in shares of Innoviva by 7.5% in the first quarter. Great West Life Assurance Co. Can now owns 107,310 shares of the biotechnology company’s stock valued at $1,482,000 after buying an additional 7,475 shares during the last quarter. Wells Fargo & Company MN increased its position in shares of Innoviva by 7.7% in the first quarter. Wells Fargo & Company MN now owns 2,126,594 shares of the biotechnology company’s stock valued at $29,411,000 after buying an additional 152,472 shares during the last quarter. Finally, Old Mutual Global Investors UK Ltd. increased its position in shares of Innoviva by 160.6% in the first quarter. Old Mutual Global Investors UK Ltd. now owns 183,998 shares of the biotechnology company’s stock valued at $2,544,000 after buying an additional 113,388 shares during the last quarter. Institutional investors and hedge funds own 75.12% of the company’s stock.

Innoviva, Inc. (NASDAQ:INVA) traded up 2.05% during midday trading on Friday, hitting $12.47. The company had a trading volume of 1,078,611 shares. The company has a 50 day moving average price of $12.94 and a 200 day moving average price of $12.43. The firm has a market capitalization of $1.36 billion, a P/E ratio of 15.69 and a beta of 2.56. Innoviva, Inc. has a 1-year low of $8.67 and a 1-year high of $14.55.

Innoviva (NASDAQ:INVA) last issued its quarterly earnings results on Wednesday, July 26th. The biotechnology company reported $0.30 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.02. The firm had revenue of $58.60 million for the quarter, compared to analyst estimates of $50.53 million. Innoviva had a net margin of 52.56% and a negative return on equity of 27.37%. Innoviva’s quarterly revenue was up 80.3% compared to the same quarter last year. During the same period last year, the company posted $0.13 EPS. Equities research analysts forecast that Innoviva, Inc. will post $1.14 earnings per share for the current fiscal year.

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Several brokerages have recently commented on INVA. Zacks Investment Research upgraded Innoviva from a “hold” rating to a “strong-buy” rating and set a $16.00 price objective on the stock in a research report on Monday, July 31st. Cowen and Company set a $16.00 price objective on Innoviva and gave the company a “buy” rating in a research report on Friday, July 28th. Stifel Nicolaus restated a “hold” rating and issued a $15.00 price objective on shares of Innoviva in a research report on Friday, July 28th. Robert W. Baird restated a “neutral” rating and issued a $13.00 price objective (up from $11.00) on shares of Innoviva in a research report on Thursday, July 27th. Finally, ValuEngine downgraded Innoviva from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Three research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $15.00.

In related news, VP Theodore J. Jr. Witek sold 7,815 shares of the firm’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $12.01, for a total value of $93,858.15. Following the transaction, the vice president now directly owns 251,968 shares of the company’s stock, valued at approximately $3,026,135.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.60% of the company’s stock.

Innoviva Company Profile

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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Institutional Ownership by Quarter for Innoviva (NASDAQ:INVA)

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