Balyasny Asset Management L.P. Takes $277,000 Position in Innoviva, Inc. (NASDAQ:INVA)

Balyasny Asset Management L.P. purchased a new position in shares of Innoviva, Inc. (NASDAQ:INVA) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 15,968 shares of the biotechnology company’s stock, valued at approximately $277,000.

A number of other hedge funds have also recently added to or reduced their stakes in INVA. American Century Companies Inc. boosted its holdings in Innoviva by 35.2% during the fourth quarter. American Century Companies Inc. now owns 1,424,315 shares of the biotechnology company’s stock worth $24,712,000 after buying an additional 370,795 shares in the last quarter. Hsbc Holdings PLC acquired a new position in Innoviva during the fourth quarter worth $5,437,000. Dimensional Fund Advisors LP raised its position in Innoviva by 4.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,919,518 shares of the biotechnology company’s stock worth $85,354,000 after acquiring an additional 226,592 shares during the period. Jane Street Group LLC raised its position in Innoviva by 142.5% during the fourth quarter. Jane Street Group LLC now owns 330,631 shares of the biotechnology company’s stock worth $5,736,000 after acquiring an additional 194,270 shares during the period. Finally, Marshall Wace LLP raised its position in Innoviva by 130.9% during the fourth quarter. Marshall Wace LLP now owns 314,968 shares of the biotechnology company’s stock worth $5,465,000 after acquiring an additional 178,583 shares during the period. 99.12% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, major shareholder Alexander J. Denner sold 151,175 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $17.63, for a total transaction of $2,665,215.25. Following the completion of the sale, the insider now directly owns 7,125,825 shares in the company, valued at approximately $125,628,294.75. This trade represents a 2.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on INVA shares. StockNews.com upgraded shares of Innoviva from a “hold” rating to a “buy” rating in a research report on Wednesday, April 30th. Scotiabank started coverage on shares of Innoviva in a research report on Friday, March 7th. They set a “sector outperform” rating and a $55.00 price objective for the company.

Innoviva Price Performance

Shares of NASDAQ INVA opened at $18.58 on Friday. The firm has a 50-day simple moving average of $17.97 and a 200-day simple moving average of $18.27. The stock has a market capitalization of $1.16 billion, a price-to-earnings ratio of 26.93 and a beta of 0.35. 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 $15.20 and a 52 week high of $21.28.

Innoviva (NASDAQ:INVA) last issued its earnings results on Wednesday, May 7th. The biotechnology company reported $0.25 EPS for the quarter. The business had revenue of $88.63 million during the quarter. Innoviva had a net margin of 18.31% and a return on equity of 20.84%. On average, equities analysts predict that Innoviva, Inc. will post 0.33 earnings per share for the current fiscal year.

Innoviva Company 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.