Corebridge Financial Inc. Lowers Holdings in Innoviva, Inc. (NASDAQ:INVA)

Corebridge Financial Inc. reduced its stake in shares of Innoviva, Inc. (NASDAQ:INVA) by 7.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,454 shares of the biotechnology company’s stock after selling 2,299 shares during the quarter. Corebridge Financial Inc.’s holdings in Innoviva were worth $511,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. KBC Group NV boosted its position in shares of Innoviva by 73.9% during the fourth quarter. KBC Group NV now owns 4,100 shares of the biotechnology company’s stock worth $71,000 after acquiring an additional 1,743 shares during the last quarter. FMR LLC lifted its stake in Innoviva by 8.2% in the 3rd quarter. FMR LLC now owns 10,119 shares of the biotechnology company’s stock worth $195,000 after purchasing an additional 771 shares in the last quarter. Walleye Capital LLC bought a new position in shares of Innoviva during the 3rd quarter valued at about $214,000. World Investment Advisors LLC purchased a new position in shares of Innoviva during the third quarter valued at about $217,000. Finally, China Universal Asset Management Co. Ltd. increased its holdings in shares of Innoviva by 10.3% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 13,274 shares of the biotechnology company’s stock worth $230,000 after purchasing an additional 1,241 shares during the last quarter. Institutional investors own 99.12% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on INVA. StockNews.com lowered Innoviva from a “buy” rating to a “hold” rating in a research note on Tuesday, April 1st. Scotiabank assumed coverage on Innoviva in a research report on Friday, March 7th. They set a “sector outperform” rating and a $55.00 target price for the company.

Insider Transactions at Innoviva

In other news, major shareholder Alexander J. Denner sold 1,196,746 shares of the 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 sale, the insider now owns 5,658,705 shares of the company’s stock, valued at approximately $99,140,511.60. This represents a 17.46 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 1.70% of the company’s stock.

Innoviva Stock Performance

Shares of NASDAQ:INVA opened at $17.25 on Wednesday. The firm has a fifty day simple moving average of $17.83 and a two-hundred day simple moving average of $18.54. Innoviva, Inc. has a 52 week low of $14.33 and a 52 week high of $21.28. The company has a quick ratio of 1.64, a current ratio of 1.79 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $1.08 billion, a P/E ratio of 25.00 and a beta of 0.48.

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

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.