BlackRock Inc. Sells 1,269,789 Shares of Innoviva, Inc. (NASDAQ:INVA)

BlackRock Inc. cut its stake in shares of Innoviva, Inc. (NASDAQ:INVA) by 11.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,079,627 shares of the biotechnology company’s stock after selling 1,269,789 shares during the quarter. BlackRock Inc. owned about 14.50% of Innoviva worth $135,169,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Envestnet Asset Management Inc. increased its holdings in shares of Innoviva by 72.4% during the second quarter. Envestnet Asset Management Inc. now owns 111,498 shares of the biotechnology company’s stock valued at $1,495,000 after acquiring an additional 46,818 shares in the last quarter. SG Americas Securities LLC increased its holdings in Innoviva by 117.3% in the 1st quarter. SG Americas Securities LLC now owns 53,479 shares of the biotechnology company’s stock worth $639,000 after buying an additional 28,873 shares in the last quarter. Rhumbline Advisers increased its holdings in Innoviva by 5.9% in the 2nd quarter. Rhumbline Advisers now owns 227,407 shares of the biotechnology company’s stock worth $3,050,000 after buying an additional 12,746 shares in the last quarter. AlphaCrest Capital Management LLC bought a new stake in Innoviva in the 1st quarter worth about $193,000. Finally, GSA Capital Partners LLP bought a new stake in Innoviva in the 2nd quarter worth about $290,000.

INVA stock opened at $16.69 on Thursday. Innoviva, Inc. has a twelve month low of $9.21 and a twelve month high of $17.45. The company has a quick ratio of 27.60, a current ratio of 27.60 and a debt-to-equity ratio of 0.99. The stock has a market cap of $1.16 billion, a P/E ratio of 6.73 and a beta of 0.55. The business’s 50-day moving average price is $15.94 and its 200-day moving average price is $13.90.

Innoviva (NASDAQ:INVA) last posted its quarterly earnings data on Wednesday, July 28th. The biotechnology company reported $0.90 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.29 by $0.61. Innoviva had a return on equity of 51.66% and a net margin of 72.56%. The firm had revenue of $100.81 million for the quarter. On average, equities research analysts expect that Innoviva, Inc. will post 1.66 earnings per share for the current fiscal year.

In related news, CAO Marianne Zhen sold 2,802 shares of the business’s stock in a transaction that occurred on Thursday, August 19th. The stock was sold at an average price of $16.02, for a total value of $44,888.04. Following the transaction, the chief accounting officer now directly owns 36,493 shares of the company’s stock, valued at approximately $584,617.86. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.43% of the stock is currently owned by insiders.

Separately, Zacks Investment Research downgraded Innoviva from a “hold” rating to a “sell” rating in a research note on Wednesday.

Innoviva Profile

Innoviva, Inc is engaged in the development, commercialization, and financial management of bio-pharmaceuticals. Its portfolio includes Relvar Breo Ellipta, which is a once-daily combination medicine consisting of a long-acting beta2 agonist, vilanterol, and an inhaled corticosteroid, fluticasone furoate; and Anoro Ellipta, a once-daily medicine combining a long-acting muscarinic antagonist, umeclidinium bromide, LABA, VI.

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Institutional Ownership by Quarter for Innoviva (NASDAQ:INVA)

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