PNC Financial Services Group Inc. Has $403,000 Position in Innoviva, Inc. (NASDAQ:INVA)

PNC Financial Services Group Inc. lessened its stake in Innoviva, Inc. (NASDAQ:INVA) by 37.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 23,224 shares of the biotechnology company’s stock after selling 13,845 shares during the period. PNC Financial Services Group Inc.’s holdings in Innoviva were worth $403,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Barclays PLC boosted its holdings in Innoviva by 254.2% during the third quarter. Barclays PLC now owns 100,594 shares of the biotechnology company’s stock valued at $1,942,000 after purchasing an additional 72,192 shares in the last quarter. Jane Street Group LLC lifted its position in shares of Innoviva by 46.4% during the 3rd quarter. Jane Street Group LLC now owns 136,361 shares of the biotechnology company’s stock worth $2,633,000 after buying an additional 43,218 shares during the period. FMR LLC boosted its stake in Innoviva by 8.2% in the 3rd quarter. FMR LLC now owns 10,119 shares of the biotechnology company’s stock valued at $195,000 after buying an additional 771 shares in the last quarter. Segall Bryant & Hamill LLC bought a new stake in Innoviva in the third quarter valued at $715,000. Finally, Victory Capital Management Inc. raised its stake in Innoviva by 3.5% during the third quarter. Victory Capital Management Inc. now owns 140,454 shares of the biotechnology company’s stock worth $2,712,000 after acquiring an additional 4,699 shares in the last quarter. 99.12% of the stock is owned by institutional investors and hedge funds.

Innoviva Price Performance

Shares of INVA opened at $17.21 on Friday. The stock has a market cap of $1.08 billion, a P/E ratio of 24.94 and a beta of 0.56. Innoviva, Inc. has a 1 year low of $14.33 and a 1 year high of $21.28. The stock’s 50-day moving average price is $18.04 and its two-hundred day moving average price is $18.72. The company has a current ratio of 1.79, a quick ratio of 1.64 and a debt-to-equity ratio of 0.38.

Innoviva (NASDAQ:INVA) last posted its earnings results on Wednesday, February 26th. The biotechnology company reported $0.57 earnings per share (EPS) for the quarter. Innoviva had a return on equity of 20.84% and a net margin of 18.31%. The firm had revenue of $91.81 million during the quarter. On average, equities analysts predict that Innoviva, Inc. will post 0.33 earnings per share for the current year.

Insider Activity

In other Innoviva news, major shareholder Alexander J. Denner sold 1,196,746 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $17.52, for a total value of $20,966,989.92. Following the sale, the insider now owns 5,658,705 shares in the company, valued at $99,140,511.60. This represents a 17.46 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.70% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

INVA has been the topic of a number of recent analyst reports. Scotiabank started coverage on shares of Innoviva in a research report on Friday, March 7th. They issued a “sector outperform” rating and a $55.00 price target on the stock. StockNews.com lowered Innoviva from a “buy” rating to a “hold” rating in a research report on Saturday, March 15th.

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.