Voya Investment Management LLC lowered its stake in shares of Innoviva Inc (NASDAQ:INVA) by 11.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,931 shares of the biotechnology company’s stock after selling 3,779 shares during the quarter. Voya Investment Management LLC’s holdings in Innoviva were worth $413,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently modified their holdings of the stock. BlackRock Inc. boosted its holdings in Innoviva by 6.8% in the second quarter. BlackRock Inc. now owns 11,616,680 shares of the biotechnology company’s stock worth $160,311,000 after acquiring an additional 744,273 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in Innoviva by 47.1% in the second quarter. Renaissance Technologies LLC now owns 3,390,800 shares of the biotechnology company’s stock worth $46,793,000 after acquiring an additional 1,084,980 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Innoviva by 10.8% in the second quarter. Dimensional Fund Advisors LP now owns 1,909,111 shares of the biotechnology company’s stock worth $26,346,000 after acquiring an additional 185,825 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Innoviva by 22.2% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,671,460 shares of the biotechnology company’s stock worth $23,066,000 after acquiring an additional 304,172 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its holdings in Innoviva by 73.0% in the second quarter. Acadian Asset Management LLC now owns 1,203,155 shares of the biotechnology company’s stock worth $16,604,000 after acquiring an additional 507,565 shares in the last quarter. 72.70% of the stock is currently owned by institutional investors.

Shares of NASDAQ INVA opened at $15.39 on Thursday. The company has a debt-to-equity ratio of -3.13, a current ratio of 26.39 and a quick ratio of 26.39. The stock has a market capitalization of $1.55 billion, a price-to-earnings ratio of 13.15 and a beta of 2.21. Innoviva Inc has a fifty-two week low of $11.47 and a fifty-two week high of $17.99.

Innoviva (NASDAQ:INVA) last issued its quarterly earnings results on Thursday, July 26th. The biotechnology company reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.55 by ($0.06). The business had revenue of $67.09 million during the quarter, compared to analyst estimates of $68.50 million. Innoviva had a negative return on equity of 83.69% and a net margin of 70.01%. Innoviva’s revenue was up 14.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.30 EPS. On average, equities analysts anticipate that Innoviva Inc will post 1.83 earnings per share for the current year.

In related news, VP Theodore J. Jr. Witek sold 8,504 shares of Innoviva stock in a transaction dated Tuesday, August 21st. The stock was sold at an average price of $14.12, for a total transaction of $120,076.48. Following the completion of the sale, the vice president now owns 256,271 shares of the company’s stock, valued at $3,618,546.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.44% of the company’s stock.

Several brokerages have weighed in on INVA. ValuEngine downgraded Innoviva from a “hold” rating to a “sell” rating in a report on Tuesday, June 26th. BidaskClub raised Innoviva from a “sell” rating to a “hold” rating in a report on Thursday, September 6th. Stifel Nicolaus reissued a “hold” rating and issued a $16.00 price target on shares of Innoviva in a report on Monday, June 25th. Finally, Zacks Investment Research raised Innoviva from a “strong sell” rating to a “hold” rating in a report on Tuesday, June 26th. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $14.80.

About Innoviva

Innoviva, Inc engages in the development and commercialization of bio-pharmaceuticals. Its portfolio of respiratory products include RELVAR/BREO ELLIPTA, (fluticasone furoate/ vilanterol, FF/VI); ANORO ELLIPTA (umeclidinium bromide/ vilanterol, UMEC/VI); and TRELEGY ELLIPTA (the combination FF/UMEC/VI).

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Institutional Ownership by Quarter for Innoviva (NASDAQ:INVA)

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