Westfield Capital Management Co. LP Reduces Stake in Innoviva, Inc. (NASDAQ:INVA)

by · The Markets Daily

Westfield Capital Management Co. LP reduced its holdings in Innoviva, Inc. (NASDAQ:INVA – Free Report) by 25.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,994,589 shares of the biotechnology company’s stock after selling 684,648 shares during the quarter. Westfield Capital Management Co. LP’s holdings in Innoviva were worth $38,516,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in INVA. US Bancorp DE raised its holdings in Innoviva by 24.5% in the 3rd quarter. US Bancorp DE now owns 2,875 shares of the biotechnology company’s stock worth $56,000 after purchasing an additional 566 shares in the last quarter. GAMMA Investing LLC raised its stake in Innoviva by 18.5% in the third quarter. GAMMA Investing LLC now owns 4,119 shares of the biotechnology company’s stock worth $80,000 after buying an additional 643 shares in the last quarter. ProShare Advisors LLC lifted its holdings in Innoviva by 6.2% in the first quarter. ProShare Advisors LLC now owns 16,150 shares of the biotechnology company’s stock worth $246,000 after buying an additional 942 shares during the period. SummerHaven Investment Management LLC boosted its position in Innoviva by 1.7% during the 2nd quarter. SummerHaven Investment Management LLC now owns 59,853 shares of the biotechnology company’s stock valued at $982,000 after acquiring an additional 980 shares in the last quarter. Finally, Evergreen Capital Management LLC grew its holdings in shares of Innoviva by 10.9% during the 2nd quarter. Evergreen Capital Management LLC now owns 12,321 shares of the biotechnology company’s stock worth $202,000 after acquiring an additional 1,209 shares during the period. Hedge funds and other institutional investors own 99.12% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on INVA shares. StockNews.com lowered Innoviva from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, August 6th. Cantor Fitzgerald reissued an “overweight” rating on shares of Innoviva in a research note on Tuesday, July 30th.

Get Our Latest Analysis on Innoviva

Innoviva Stock Up 0.5 %

Shares of NASDAQ:INVA opened at $19.15 on Monday. The company has a current ratio of 1.79, a quick ratio of 1.64 and a debt-to-equity ratio of 0.38. The stock has a fifty day simple moving average of $19.60 and a two-hundred day simple moving average of $18.12. Innoviva, Inc. has a 12-month low of $13.57 and a 12-month high of $21.28. The stock has a market capitalization of $1.20 billion, a price-to-earnings ratio of 27.75 and a beta of 0.57.

Innoviva (NASDAQ:INVA – Get Free Report) last posted its quarterly earnings results on Wednesday, November 6th. The biotechnology company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.25). The company had revenue of $89.51 million during the quarter. Innoviva had a return on equity of 20.84% and a net margin of 18.31%. On average, research analysts anticipate that Innoviva, Inc. will post 0.33 earnings per share for the current fiscal year.

Innoviva Company Profile

(Free Report)

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.

Further Reading

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