Assetmark Inc. Sells 11,990 Shares of Innoviva, Inc. $INVA

Assetmark Inc. reduced its position in Innoviva, Inc. (NASDAQ:INVA) by 6.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 162,398 shares of the biotechnology company’s stock after selling 11,990 shares during the quarter. Assetmark Inc.’s holdings in Innoviva were worth $3,263,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Parallel Advisors LLC increased its holdings in Innoviva by 157.5% in the 2nd quarter. Parallel Advisors LLC now owns 1,849 shares of the biotechnology company’s stock valued at $37,000 after buying an additional 1,131 shares during the period. Caitong International Asset Management Co. Ltd bought a new position in Innoviva in the 1st quarter valued at about $56,000. Hantz Financial Services Inc. increased its holdings in Innoviva by 4,715.6% in the 2nd quarter. Hantz Financial Services Inc. now owns 4,623 shares of the biotechnology company’s stock valued at $93,000 after buying an additional 4,527 shares during the period. GAMMA Investing LLC increased its holdings in Innoviva by 58.9% in the 2nd quarter. GAMMA Investing LLC now owns 7,146 shares of the biotechnology company’s stock valued at $144,000 after buying an additional 2,648 shares during the period. Finally, Bailard Inc. bought a new position in Innoviva in the 1st quarter valued at about $189,000. 99.12% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Oppenheimer assumed coverage on shares of Innoviva in a research note on Monday, August 11th. They issued an “outperform” rating and a $45.00 price target on the stock. Wall Street Zen upgraded shares of Innoviva from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 25th. HC Wainwright raised their price target on shares of Innoviva from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, August 11th. Weiss Ratings restated a “hold (c)” rating on shares of Innoviva in a research note on Wednesday, October 8th. Finally, Zacks Research upgraded shares of Innoviva from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $37.60.

Innoviva Trading Down 0.5%

INVA opened at $18.11 on Tuesday. Innoviva, Inc. has a fifty-two week low of $16.52 and a fifty-two week high of $22.00. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.64 and a quick ratio of 2.44. The firm has a market capitalization of $1.14 billion, a price-to-earnings ratio of 58.42 and a beta of 0.40. The company’s 50 day moving average price is $18.68 and its two-hundred day moving average price is $19.22.

Innoviva (NASDAQ:INVA) last posted its earnings results on Wednesday, August 6th. The biotechnology company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.20. Innoviva had a net margin of 10.44% and a return on equity of 18.67%. The firm had revenue of $100.28 million for the quarter, compared to analyst estimates of $87.10 million. As a group, research analysts predict that Innoviva, Inc. will post 0.33 earnings per share for the current 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.