Prudential Financial Inc. Purchases 110,246 Shares of Innoviva, Inc. (NASDAQ:INVA)

Prudential Financial Inc. grew its holdings in shares of Innoviva, Inc. (NASDAQ:INVA) by 157.8% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 180,122 shares of the biotechnology company’s stock after purchasing an additional 110,246 shares during the quarter. Prudential Financial Inc.’s holdings in Innoviva were worth $3,404,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

INVA has been the subject of a number of recent analyst reports. Scotiabank began coverage on Innoviva in a report on Friday, March 7th. They set a “sector outperform” rating and a $55.00 target price for the company. StockNews.com cut shares of Innoviva from a “buy” rating to a “hold” rating in a research note on Tuesday.

Insiders Place Their Bets

In other Innoviva news, major shareholder Alexander J. Denner sold 1,196,746 shares of Innoviva stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $17.52, for a total transaction of $20,966,989.92. Following the completion of the sale, the insider now owns 5,658,705 shares of the company’s stock, valued at $99,140,511.60. The trade was a 17.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 1.70% of the company’s stock.

Innoviva Trading Down 1.0 %

Shares of INVA stock opened at $17.94 on Wednesday. The company has a market capitalization of $1.12 billion, a PE ratio of 26.00 and a beta of 0.56. Innoviva, Inc. has a 52-week low of $14.33 and a 52-week high of $21.28. The business’s fifty day moving average is $17.97 and its 200 day moving average is $18.61. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.64 and a current ratio of 1.79.

Innoviva (NASDAQ:INVA) last issued its quarterly earnings results on Wednesday, February 26th. The biotechnology company reported $0.57 earnings per share (EPS) for the quarter. The firm 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%. On average, equities research analysts anticipate that Innoviva, Inc. will post 0.33 EPS 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.