Kendall Capital Management Reduces Position in Innoviva, Inc. (NASDAQ:INVA)

Kendall Capital Management cut its holdings in shares of Innoviva, Inc. (NASDAQ:INVA) by 2.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 33,615 shares of the biotechnology company’s stock after selling 975 shares during the period. Kendall Capital Management’s holdings in Innoviva were worth $583,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Pacer Advisors Inc. boosted its position in shares of Innoviva by 4.3% during the fourth quarter. Pacer Advisors Inc. now owns 2,932,113 shares of the biotechnology company’s stock valued at $50,872,000 after buying an additional 121,162 shares during the last quarter. Systematic Financial Management LP lifted its holdings in Innoviva by 4.7% in the third quarter. Systematic Financial Management LP now owns 1,979,073 shares of the biotechnology company’s stock valued at $38,216,000 after acquiring an additional 89,633 shares during the period. Geode Capital Management LLC lifted its holdings in Innoviva by 1.0% in the third quarter. Geode Capital Management LLC now owns 1,357,557 shares of the biotechnology company’s stock valued at $26,219,000 after acquiring an additional 13,257 shares during the period. JPMorgan Chase & Co. lifted its holdings in Innoviva by 14.2% in the third quarter. JPMorgan Chase & Co. now owns 578,243 shares of the biotechnology company’s stock valued at $11,166,000 after acquiring an additional 72,039 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in Innoviva by 3.8% in the fourth quarter. Principal Financial Group Inc. now owns 297,776 shares of the biotechnology company’s stock valued at $5,166,000 after acquiring an additional 10,999 shares during the period. 99.12% of the stock is owned by hedge funds and other institutional investors.

Innoviva Stock Up 0.3 %

NASDAQ INVA opened at $17.64 on Monday. The stock’s 50-day moving average price is $18.03 and its 200-day moving average price is $18.82. The company has a quick ratio of 1.64, a current ratio of 1.79 and a debt-to-equity ratio of 0.38. Innoviva, Inc. has a 52 week low of $14.33 and a 52 week high of $21.28. The company has a market capitalization of $1.10 billion, a P/E ratio of 25.57 and a beta of 0.56.

Innoviva (NASDAQ:INVA) last posted its quarterly earnings data 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 firm had revenue of $91.81 million for the quarter. On average, equities research analysts predict that Innoviva, Inc. will post 0.33 earnings per share for the current year.

Insider Transactions at Innoviva

In related news, major shareholder Alexander J. Denner sold 1,196,746 shares of the 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 in the company, valued at approximately $99,140,511.60. This trade represents a 17.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.70% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Scotiabank assumed coverage on Innoviva in a report on Friday. They issued a “sector outperform” rating and a $55.00 target price on the stock. StockNews.com raised Innoviva from a “hold” rating to a “buy” rating in a report on Friday.

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.