Innoviva Inc (INVA) Shares Bought by Convergence Investment Partners LLC
Convergence Investment Partners LLC raised its holdings in shares of Innoviva Inc (NASDAQ:INVA) by 6.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 130,211 shares of the biotechnology company’s stock after acquiring an additional 7,350 shares during the quarter. Convergence Investment Partners LLC’s holdings in Innoviva were worth $1,848,000 at the end of the most recent quarter.
Other large investors have also added to or reduced their stakes in the company. Sarissa Capital Management LP grew its stake in Innoviva by 3.2% during the 3rd quarter. Sarissa Capital Management LP now owns 3,600,705 shares of the biotechnology company’s stock valued at $50,841,000 after acquiring an additional 110,000 shares in the last quarter. Engineers Gate Manager LP bought a new stake in shares of Innoviva in the 3rd quarter valued at approximately $1,492,000. Pictet Asset Management Ltd. bought a new stake in shares of Innoviva in the 3rd quarter valued at approximately $2,629,000. Crossmark Global Holdings Inc. bought a new stake in shares of Innoviva in the 3rd quarter valued at approximately $533,000. Finally, Denali Advisors LLC bought a new stake in shares of Innoviva in the 3rd quarter valued at approximately $570,000. 74.41% of the stock is currently owned by institutional investors.
In related news, CFO Eric Desparbes sold 15,285 shares of the business’s stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $13.28, for a total value of $202,984.80. Following the completion of the sale, the chief financial officer now directly owns 337,027 shares in the company, valued at approximately $4,475,718.56. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Michael W. Aguiar sold 12,022 shares of the business’s stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $13.13, for a total value of $157,848.86. Following the completion of the sale, the insider now owns 980,907 shares of the company’s stock, valued at $12,879,308.91. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,522 shares of company stock valued at $429,985. Corporate insiders own 1.60% of the company’s stock.
Innoviva (NASDAQ:INVA) last announced its quarterly earnings results on Wednesday, October 25th. The biotechnology company reported $0.21 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.34 by ($0.13). The firm had revenue of $48.64 million during the quarter, compared to the consensus estimate of $57.18 million. Innoviva had a net margin of 52.91% and a negative return on equity of 33.55%. The company’s quarterly revenue was up 46.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.13 EPS. research analysts expect that Innoviva Inc will post 1.08 earnings per share for the current year.
Several equities research analysts recently commented on INVA shares. Cowen set a $16.00 price target on Innoviva and gave the company a “buy” rating in a research note on Monday, October 23rd. Zacks Investment Research raised Innoviva from a “hold” rating to a “buy” rating and set a $16.00 price target for the company in a research note on Wednesday, October 25th. ValuEngine raised Innoviva from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. BidaskClub raised Innoviva from a “hold” rating to a “buy” rating in a research note on Thursday, December 21st. Finally, Deutsche Bank started coverage on Innoviva in a research note on Monday, November 20th. They issued a “hold” rating and a $13.00 price target for the company. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the stock. Innoviva presently has an average rating of “Hold” and an average price target of $13.50.
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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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