KLP Kapitalforvaltning AS Invests $1.26 Million in Innoviva, Inc. (NASDAQ:INVA)

KLP Kapitalforvaltning AS bought a new stake in shares of Innoviva, Inc. (NASDAQ:INVA) during the 4th quarter, Holdings Channel reports. The institutional investor bought 72,400 shares of the biotechnology company’s stock, valued at approximately $1,256,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Intech Investment Management LLC increased its stake in Innoviva by 28.8% during the 3rd quarter. Intech Investment Management LLC now owns 19,537 shares of the biotechnology company’s stock valued at $377,000 after purchasing an additional 4,367 shares in the last quarter. Quantbot Technologies LP increased its position in shares of Innoviva by 171.5% in the 3rd quarter. Quantbot Technologies LP now owns 26,599 shares of the biotechnology company’s stock valued at $514,000 after acquiring an additional 16,801 shares during the period. FMR LLC increased its position in shares of 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 acquiring an additional 771 shares during the period. Martingale Asset Management L P raised its stake in Innoviva by 0.7% in the 3rd quarter. Martingale Asset Management L P now owns 77,842 shares of the biotechnology company’s stock worth $1,503,000 after acquiring an additional 550 shares during the last quarter. Finally, Walleye Capital LLC acquired a new stake in Innoviva during the 3rd quarter worth about $214,000. 99.12% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, major shareholder Alexander J. Denner sold 1,196,746 shares of the business’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $17.52, for a total value of $20,966,989.92. Following the completion of the transaction, the insider now directly owns 5,658,705 shares in the company, valued at $99,140,511.60. The trade was a 17.46 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 1.70% of the company’s stock.

Innoviva Trading Up 1.7 %

NASDAQ INVA opened at $18.18 on Friday. Innoviva, Inc. has a 1 year low of $14.33 and a 1 year high of $21.28. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.79 and a quick ratio of 1.64. The company has a market capitalization of $1.14 billion, a PE ratio of 26.35 and a beta of 0.56. The company has a fifty day moving average of $17.99 and a 200 day moving average of $18.64.

Innoviva (NASDAQ:INVA) last issued its quarterly earnings data on Wednesday, February 26th. The biotechnology company reported $0.57 earnings per share (EPS) for the quarter. The business had revenue of $91.81 million during the quarter. Innoviva had a return on equity of 20.84% and a net margin of 18.31%. Research analysts forecast that Innoviva, Inc. will post 0.33 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Scotiabank began coverage on Innoviva in a report on Friday, March 7th. They issued a “sector outperform” rating and a $55.00 price objective on the stock. StockNews.com upgraded shares of Innoviva from a “hold” rating to a “buy” rating in a report on Monday, March 24th.

Innoviva Profile

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.