Iridian Asset Management LLC CT Invests $599,000 in Innoviva Inc (INVA)
Iridian Asset Management LLC CT bought a new stake in Innoviva Inc (NASDAQ:INVA) during the 1st quarter, HoldingsChannel reports. The firm bought 42,700 shares of the biotechnology company’s stock, valued at approximately $599,000.
Several other institutional investors have also recently bought and sold shares of INVA. Oregon Public Employees Retirement Fund acquired a new stake in Innoviva during the fourth quarter worth approximately $26,000. Quadrant Capital Group LLC acquired a new stake in Innoviva during the first quarter worth approximately $27,000. Financial Gravity Companies Inc. acquired a new stake in Innoviva during the fourth quarter worth approximately $40,000. Fort L.P. acquired a new stake in Innoviva during the fourth quarter worth approximately $90,000. Finally, Meeder Asset Management Inc. acquired a new stake in Innoviva during the first quarter worth approximately $160,000. 79.21% of the stock is currently owned by institutional investors.
Shares of NASDAQ:INVA opened at $14.55 on Wednesday. The company has a market cap of $1.44 billion, a P/E ratio of 4.12 and a beta of 1.82. Innoviva Inc has a 1 year low of $13.07 and a 1 year high of $20.54. The company has a debt-to-equity ratio of 1.93, a quick ratio of 66.02 and a current ratio of 66.01.
In other Innoviva news, Director George Bickerstaff bought 10,000 shares of the business’s stock in a transaction on Thursday, February 21st. The stock was purchased at an average cost of $14.90 per share, for a total transaction of $149,000.00. Following the completion of the purchase, the director now directly owns 38,762 shares of the company’s stock, valued at $577,553.80. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, insider Marianne Zhen sold 5,617 shares of the company’s stock in a transaction on Tuesday, February 26th. The stock was sold at an average price of $16.00, for a total value of $89,872.00. The disclosure for this sale can be found here. Insiders have acquired 32,000 shares of company stock valued at $491,100 over the last 90 days. Corporate insiders own 0.18% of the company’s stock.
A number of equities research analysts recently issued reports on the company. Zacks Investment Research raised Innoviva from a “hold” rating to a “strong-buy” rating and set a $16.00 price target on the stock in a research report on Wednesday, April 17th. BidaskClub raised Innoviva from a “sell” rating to a “hold” rating in a research report on Friday, April 5th. Finally, ValuEngine raised Innoviva from a “sell” rating to a “hold” rating in a research report on Monday, February 25th.
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Innoviva, Inc engages in the development and commercialization of pharmaceuticals. The company has long-acting beta2 agonist (LABA) collaboration agreement with Glaxo Group Limited to develop and commercialize once-daily products for the treatment of chronic obstructive pulmonary disease and asthma. Its products include RELVAR/BREO ELLIPTA, a once-daily combination medicine consisting of a long-acting beta2 agonist (LABA), vilanterol (VI), an inhaled corticosteroid (ICS), and fluticasone furoate (FF); ANORO ELLIPTA, a once-daily medicine combining a long-acting muscarinic antagonist (LAMA), umeclidinium bromide (UMEC), with a LABA, and VI; and TRELEGY ELLIPTA, a once-daily combination medicine consisting of an ICS, LAMA and LABA.
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