10-03-2018: Innoviva, Inc. (INVA): Help for Emphysema Sufferers

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Recommendation

Innoviva, Inc.

Chronic obstructive pulmonary disease (COPD) is a lung disease characterized by chronic obstruction of lung airflow that interferes with normal breathing and is not fully reversible. The more familiar terms 'chronic bronchitis' and 'emphysema' are no longer used, but are now included within the COPD diagnosis. Innoviva, Inc. (INVA) is involved in the treatment of this horrible disease, often encountered in later years by smokers.

The company changed its name from Theravance, Inc. to Innoviva in January, 2016. It was founded in 1996 and based in California. It works closely with Glasko Smith Kline (GSK), a British firm, obtaining royalties on two major products manufactured and sold by that firm. The company invests in commercialization of bio-pharmaceuticals.

The medical-biomedical group of pharmaceutical companies is one of the most competitive and largest industry groups with an overwhelming number of competitors. The industry group as a whole is well below the top industry group performers.

The company has had problems with its management underscored by an activist large shareholder which succeeded recently in having the entire Board of Directors and CEO replaced. Under better corporate governance, the company's margins and earnings are in a turnaround improving situation. This is also helped by many news items regarding FDA and European approvals of various test and trials of the two main products it has been developing, various forms of inhalers.

The company has an acceptable Zenith Index indicating reasonable fundamentals. It has a rather large debt load which it is working on reducing. But it has a negative book value per share. Recent earnings growth has not outpaced revenue growth in a trend that is not sustainable, and projecting earnings are lower. Researchers are overwhelming favorable to the stock and both Standard & Poor's and Market Grader favor the stock as a "buy". The stock has only one analyst.

Institutions are net sellers, but included among major shareholders is Dimensional Fund Advisors, a good sign.

The stock appears to be a "channeling stock" at the top of a recent trading range. While we wouldn't anticipate this stock is going to the moon any time soon, we would rate it overall as a buy. 



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Zenith Index

Under current market conditions, a Zenith Index Score of 1.20 or above is required for a positive rating on this factor. 1.21 -1.30 is considered acceptable, 1.30-1.40 is considered strong and
> 1.40 is considered exceptionally strong. Accounting statements in this section often contain mistakes, especially in earlier years' totals, but data is deemed sufficient for us to give a rating. More accurate financial statements follow in the next section.

Innoviva, Inc. (INVA)                                     Exchange: Nasdaq
2000 Sierra Point Parkway
Suite 500                        Sector: Healthcare
Brisbane, CA 94005               Industry: Biotechnology

Innoviva, Inc. engages in the development and commercialization of
bio-pharmaceuticals. Its portfolio of respiratory products include
RELVAR/BREO ELLIPTA, (fluticasone furoate/ vilanterol, FF/VI); ANORO
ELLIPTA (umeclidinium bromide/ vilanterol, UMEC/VI); and TRELEGY ELLIPTA
(the combination FF/UMEC/VI). It has Long-Acting Beta2 Agonist
collaboration agreement with GSK to develop and commercialize once-daily
LABA products for the treatment of chronic obstructive pulmonary disease
and asthma. The company was formerly known as Theravance, Inc. and
changed its name to Innoviva, Inc. in January 2016. Innoviva, Inc. was
founded in 1996 and is headquartered in Brisbane, California.

Last Trade:  15.32                           52-Week Range:  17.99 -  11.47
Employees: 10                                Avg.Volume:     687,933 Shares

Corporate Governance:
Pillar scores are Audit: 5; Board: 7; Shareholder Rights: 4; Compensation: 2.
         (A lower number means less governance risk.)

EPS:  1.48    Dividend Amount: $ 0.00          Yield:  0.00%
             Ex-Dividend Date: Sep 7, 2015     Payout Ratio:   0.00

Key Statistics:

    Trailing P/E:  10.32              Forward P/E (est.):   7.51
                                           Target Price:  15.00

Qrtly Stock Price Growth (yoy):   5.73%               Beta:   1.61
Qrtly S&P Index   Growth (yoy):  14.60%        Short Ratio:  20.26%
    Qrtly Revenue Growth (yoy):  15.22%         Shares Out:  101510000
   Qrtly Earnings Growth (yoy):  55.40%

          Book Value:  -1.55                    Debt/Equity:   0.00%
    Price/Book Value:   0.00        Operating Profit Margin:  89.64%
         Price/Sales:   6.51                  Profit Margin:  70.01%
         Market Cap:   1,547,000,000       Return on Equity:   0.00%
    Enterprise Value:   1,930,000,000      Return on Assets:  37.46%

    Operating Cash Flow:    192,990,000
         Free Cash Flow:    129,020,000



Annual Income Statement:                          (All numbers in thousands)
  Period Ending                             12/31/2017  12/31/2016  12/31/2015

  Total Revenue                                217,217     133,569      53,949
  Cost of Revenue                                1,355       1,393       2,619
  Gross Profit                                 215,862     132,176      51,330

Operating Expenses:
  Research & Development                             0           0           0
  Selling, General & Administrative             32,258      23,188      19,750
  Non-Recurring Expenses                             0           0           0
  Other Operating Expenses                           0           0           0
  Total Operating Expenses                      33,613      24,581      22,369

Operating Income or Loss                       183,604     108,988      31,580

Income from Continuing Operations:
  Total Other Income/Expenses Net              -49,332     -49,452     -50,340
  Earnings Before Interest & Taxes             183,604                108,988  E
arnings Before Interest & Taxes              31,580
  Interest Expense                             -43,601     -52,416     -51,803
  Income Before Taxes                          134,272      59,536     -18,760
  Income Tax Expense                                 0           0           0
  Minority Interest                                152         152         152

Net Income from Continuing Op.s                134,272      59,536     -18,760

Non-recurring Events:
  Discontinued Operations                            0           0           0
  Extraordinary Items                                0           0           0
  Effect of Accounting Changes                       0           0           0
  Other Items                                        0           0           0
  Net Income                                   134,143      59,536     -18,760
  Preferred Stock & Other Adjustments                0           0           0

Net Income Avail to Common Shares              134,143      59,536     -18,760



Annual Cash Flow Statement:                   (All numbers in thousands)
  Period Ending                         12/31/2017    12/31/2016    12/31/2015

  Net Income                               134,272        59,536       -18,760

Operating Activities:
  Depreciation                                 159           131           110
  Adjustments to Net Income                 16,788         6,611        28,868
  Changes in Accounts Recv'bls             -23,693       -20,619       -15,678
  Changes in Liabilities                    -2,626        -1,575           -67
  Changes in Investories                         0             0             0
  Changes in other Oper'g Acts              -1,961           230        -1,108

Total Cash Flow f Operations               141,749        60,984        10,131

Investing Activities:
  Capital Exenditures                            0          -278            -7
  Investments                              -23,236        -4,302       159,175
  Other Cash Flows fr Investing                  0             0             0

Total Cash Flows from Investing            -23,236        -4,580       159,168

Financing Activities:
  Dividends Paid                              -281          -960       -87,331
  Sale of Purchase of Stock                      0             0             0
  Net Borrowings                           -50,939       -18,398       -18,398
  Other Cash Flows fr Financing            -12,780           578             0

Total Cash Flows from Financing           -163,193       -97,568      -106,919

  Effect of Exchange Rate Chg                    0             0             0

Change in Cash & Cash Equiv.               -44,680       -41,164        62,380



Annual Balance Sheets:                              (All Numbers in Thousands)
  Period Ending                          12/31/2017    12/31/2016    12/31/2015
Current Assets:
  Cash & Cash Equivalents                    73,336       118,016       159,180
  Short Term Investments                     55,739        32,417        28,103
  Net Receivables                            70,540        46,847        26,228
  Inventory                                       0             0             0
  Other Current Assets                            0             0             0
  Total Current Assets                      311,093       164,863       185,408

  Long-Term Investments                           0             0             0
  Property, Plant & Equipt                      209           368           221
  Goodwill                                        0             0             0
  Intangible Assets                               0             0             0
  Accumulated Amortization                        0             0             0
  Other Assets                              166,759       180,582       194,386
  Deferred LT Asset Charges                       0             0             0

Total Assets                                367,337       378,996       408,932

Current Liabilities:
  Accounts Payable                              601           128           818
  Current Portion LT Debt                   599,362       716,093       733,131
  Other Current Liabilities                       0           885           885
  Total Current Liabilities                 599,963       717,106        734,834

  Long Term Debt                                601           128           818
  Other Liabilities                         599,362       716,093       733,131
  Deferred LT Liab. Charges                       0           885           885
  Minority Interest                             152           152           152
  Negative Goodwill                             152             0             0

Total Liabilities                         1,355,962     1,623,412     1,472,920

Stockholder Equity:
  Misc. Options, Warrants                         0             0             0
  Redeemable Preferred Stock                      0             0             0
  Preferred Stock                                 0             0             0
  Common Stock                                1,019         1,085         1,149
  Retained Earnings                      -1,498,748    -1,632,891    -1,692,427
  Treasury Stock                             -3,281        -3,262        -3,265
  Capital Surplus                         1,258,151     1,282,077     1,351,898
  Other Stockhohlder Equity                     -18             1            -2
  Total Stockholder Equity                 -242,859      -352,991      -342,645

Net Tangible Assets                        -242,859      -352,991      -342,645


Innoviva, Inc. (INVA)                       [Indices near +3.0, near zero,
                                            or < zero bear special attention.]
P/E Ratio Tests:
P/E Ratio < 28?            2.7132          P/E Ratio > 5?             1.0000
P/E Ratio Vs Growth Rate:  3.0000          Forward P/E Ratio < 28?    3.0000
Price/Sales Ratio < 2.3?   0.3533          Inventory/Sales < 5%?      1.0000
Sales < $1 Billion?        3.0000          Operating Margin < 7.5%?   0.0837

Balance Sheet Tests:
Debt/Equity < 0.40?        1.0000          Long-Term Debt Service:   -1.7213
LTD Being Reduced?         3.0000          Short-Term Debt Service:  -3.0000
Current Ratio > 2?         0.2593          Working Capital >= 1.5?    2.9314
Leverage Ratio < 20%?      0.1083          Debt/Assets < 1?           0.6396
Quick Ratio > 1?           3.0000          Inventory Turnover > 1?    1.0000
Share Equity Increase:     1.7182          Market Cap.< 1.5 Billion?  0.9696
                                           Intangibles < 3% Assets?   3.0000
Income Tests:
Profit Margin < 7.5%?      3.0000          EPS Annual Growth > 10%?   0.0444
Dividend Yield > 2.0%?     0.0000          EPS 3-yr Growth > 15?     -0.0210
Enterprise Value/Revenue   3.0000          EPS Growth Consistent?     2.0000
Enterprise Value/EBITDA:   3.0000          Collection < 45 days?      0.3796
EPS Qrtly Growth > 10%?    0.0018          Gross Pft/Cur. LTD > 1?    0.3602
                                           Borrowing Int. Rate < 6%? -0.7904
Stock Performance Tests:
Volatility > 25%?          1.4497          % Held by Insiders < 5%?   0.1481
Beta > 1.25?               1.2880          % Held by Institut. < 50?  0.6626
50 Da MA > 200 Da MA?     -0.0450          % Held by Institut. > 30?  2.5153
52-Wk Change vs. S&P 500:  0.3765          Short Ratio > 5?           3.0000
Price/Book Value < 3?     -0.3035          Short % of Float > 20?     1.4395
Return on Assets > 17%?    2.2035          Average Volume > 100,000?  3.0000

Cash Flow Tests:
Oper. C.F. > Lever'd C.F:  1.4958          Positive Free Cash Flow?   3.0000
Positive Oper. Cash Flow?  3.0000          Price to C.F.Ratio < 14?:  2.9699
                                           Cash Flow / Assets > 10%?  3.0000

INVA   Innoviva, Inc.                      Overall Zenith Index:      1.3723


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Financial Statements

INNOVIVA INC  (INVA)                        INCOME STATEMENT

Fiscal year ends in December.                        2013-12         2014-12         2015-12         2016-12         2017-12             TTM           

Revenue                                            4,758,000       8,433,000      53,949,000     133,569,000     217,216,992     237,628,992
Gross profit                                       4,758,000       8,433,000      53,949,000     133,569,000     217,216,992     237,628,992

Operating expenses
Research and development                         125,181,000       7,498,000       2,619,000       1,393,000       1,355,000         653,000
Sales, General and administrative                 48,440,000      34,864,000      19,750,000      23,188,000      32,258,000      27,175,000
Total operating expenses                         173,620,992      42,362,000      22,369,000      24,581,000      33,613,000      27,828,000

Operating income                                -168,863,008     -33,929,000      31,580,000     108,988,000     183,604,000     209,800,992
Interest Expense                                   9,348,000      36,892,000      51,803,000      52,416,000      43,601,000      32,751,000
Other income (expense)                             7,510,000      -2,709,000       1,463,000       2,964,000      -5,731,000      -7,823,000
Income before taxes                             -170,700,992     -73,530,000     -18,760,000      59,536,000     134,272,000     169,227,008
Net income from continuing operations           -170,700,992     -73,530,000     -18,760,000      59,536,000     134,272,000     169,227,008
Net income from discontinuing ops                          0     -94,934,000               0               0               0               0
Other                                                      0               0               0               0        -129,000      -2,868,000
Net income                                      -170,700,992    -168,464,000     -18,760,000      59,536,000     134,143,000     166,359,008
Net income available to common shareholders     -170,700,992    -168,464,000     -18,760,000      59,536,000     134,143,000     166,359,008

Earnings per share
Basic                                                  -1.67           -1.50           -0.16            0.54            1.25            1.61 
Diluted                                                -1.67           -1.50           -0.16            0.53            1.17            1.48 

Weighted average shares outstanding
Basic                                            102,425,000     112,059,000     115,372,000     110,280,000     106,945,000     103,580,496
Diluted                                          102,425,000     112,059,000     115,372,000     123,233,000     119,866,000     116,449,000

____________________________________________________________________________________________________________________________________________


INNOVIVA INC  (INVA)                        BALANCE SHEET

Fiscal year ends in December.                        2013-12         2014-12         2015-12         2016-12         2017-12             

Assets

Current assets

Cash

Short-term investments                           321,615,008     143,698,000      28,103,000      32,417,000      55,739,000
Total cash                                       465,124,992     240,498,000     187,283,008     150,432,992     129,075,000

Receivables                                          199,000               0      26,228,000      46,847,000      70,540,000
Inventories                                       10,406,000               0               0               0               0
Prepaid expenses                                   4,287,000       1,134,000         814,000         766,000         754,000
Other current assets                               3,181,000      10,550,000               0               0               0
Total current assets                             483,198,016     252,182,000     214,324,992     198,046,000     200,368,992

Non-current assets

Property, plant and equipment
Gross property, plant and equipment               62,044,000         324,000               0               0               0
Accumulated Depreciation                         -51,806,000               0               0               0               0
Net property, plant and equipment                 10,238,000         324,000         221,000         368,000         209,000

Equity and other investments                      55,374,000      42,856,000               0               0               0
Intangible assets                                124,257,000     208,191,008     194,368,000     180,544,992     166,722,000
Other long-term assets                             8,188,000      18,101,000      15,158,000          37,000          37,000
Total non-current assets                         198,056,992     269,472,000     209,747,008     180,950,000     166,968,000

Total assets                                     681,254,976     521,654,016     424,072,000     378,996,000     367,336,992 

Liabilities and stockholders' equity

Liabilities

Current liabilities
Short-term debt                                            0               0               0       7,752,000      25,000,000
Accounts payable                                   7,583,000               0         818,000         128,000         601,000
Accrued liabilities                               16,651,000       9,659,000      11,788,000       8,923,000       7,420,000
Deferred revenues                                  9,289,000       1,082,000         885,000         885,000               0
Other current liabilities                         50,881,000       3,015,000               0       2,361,000       1,721,000
Total current liabilities                         84,404,000      13,756,000      13,491,000      20,049,000      34,742,000

Non-current liabilities
Long-term debt                                   287,500,000     725,635,968     748,270,976     708,340,992     574,361,984
Deferred revenues                                  5,455,000       3,788,000       3,099,000       2,214,000               0
Minority interest                                          0               0               0               0         152,000
Other long-term liabilities                        4,774,000       1,823,000       1,856,000       1,383,000         940,000
Total non-current liabilities                    297,728,992     731,246,976     753,225,984     711,937,984     575,454,016

Total liabilities                                382,132,992     745,003,008     766,716,992     731,987,008     610,195,968 

Stockholders' equity

Common stock                                       1,115,000       1,164,000       1,149,000       1,085,000       1,019,000
Additional paid-in capital                     1,803,047,936   1,452,504,064   1,351,897,984   1,282,077,056   1,258,151,040
Retained earnings                             -1,505,202,944  -1,673,666,944  -1,692,427,008  -1,632,891,008  -1,498,748,032
Treasury stock                                             0      -3,263,000      -3,263,000      -3,263,000      -3,263,000
Accumulated other comprehensive income               162,000         -87,000          -2,000           1,000         -18,000
Total stockholders' equity                       299,121,984    -223,348,992    -342,644,992    -352,991,008    -242,859,008
Total liabilities and stockholders' equity       681,254,976     521,654,016     424,072,000     378,996,000     367,336,992

____________________________________________________________________________________________________________________________________________


INNOVIVA INC  (INVA)                        Statement of CASH FLOW

Fiscal year ends in December. USD.                   2013-12         2014-12         2015-12         2016-12         2017-12             TTM           

Cash Flows From Operating Activities
Net income                                      -170,700,992    -168,464,000     -18,760,000      59,536,000     134,272,000     169,227,008
Depreciation & amortization                        8,203,000      12,175,000      13,933,000      13,954,000      13,982,000      13,927,000
Amortization of debt discount/premium and is               0       4,150,000       3,526,000       2,648,000       4,686,000       4,520,000
Investment/asset impairment charges                        0       3,752,000               0               0               0               0
Investments losses (gains)                                 0               0      -1,220,000               0               0               0
Stock based compensation                          25,687,000      27,390,000       6,873,000       8,297,000       9,833,000       8,520,000
Change in working capital                          5,770,000     -30,251,000     -16,853,000     -21,964,000     -28,280,000     -15,396,000
Accounts receivable                                  702,000          74,000               0               0               0               0
Inventory                                         -3,100,000      -1,908,000               0               0               0               0
Prepaid expenses                                      36,000        -338,000         320,000          48,000          12,000          66,000
Accounts payable                                   1,613,000      -7,695,000         818,000        -690,000         473,000        -219,000
Accrued liabilities                                6,278,000       4,260,000        -365,000         193,000      -1,989,000      -3,850,000
Interest payable                                     428,000       4,751,000         360,000         -83,000      -1,908,000      -1,988,000
Other working capital                               -187,000     -29,395,000     -17,986,000     -21,432,000     -24,868,000      -9,405,000
Other non-cash items                               1,439,000      20,525,000      22,632,000      -1,487,000       7,256,000      12,190,000

Net cash provided by operating activities,-129602000,-130723000,10131000,60984000,141749000,192988000

"Investments in property, plant, and equipment",-2734000,-689000,-7000,-278000,,
Purchases of investments                        -410,407,008    -276,913,984     -86,523,000     -95,719,000     -67,623,000     -74,938,000
Sales/Maturities of investments                  278,460,992     346,569,984     245,698,000      91,417,000      44,387,000      62,875,000
Purchases of intangibles                         -85,000,000               0               0               0               0               0
Other investing activities                           100,000    -134,027,000               0               0               0               0
Net cash used for investing activities          -219,580,000     -65,060,000     159,168,000      -4,580,000     -23,236,000     -12,063,000

Cash Flows From Financing Activities
Debt issued                                      281,622,016     434,676,992               0               0     442,500,000               0
Debt repayment                                             0               0               0     -18,398,000    -493,439,008    -549,008,000
Common stock issued                                        0               0       6,048,000         385,000         435,000         704,000
Common stock repurchased                                   0               0     -25,636,000     -78,094,000     -97,500,000     -99,493,000
Dividend paid                                              0     -56,988,000     -87,331,000        -960,000        -281,000        -229,000
Other financing activities                       116,221,000    -228,616,000               0        -501,000     -14,908,000     426,692,992
Net cash provided by (used for) financing        397,843,008     149,072,992    -106,919,000     -97,568,000    -163,192,992    -221,332,992

Net change in cash                                48,661,000     -46,710,000      62,380,000     -41,164,000     -44,680,000     -40,408,000
Cash at beginning of period                       94,849,000     143,510,000      96,800,000     159,180,000     118,016,000     127,634,000
Cash at end of period                            143,510,000      96,800,000     159,180,000     118,016,000      73,336,000      87,226,000

Free Cash Flow
Operating cash flow                             -129,602,000    -130,723,000      10,131,000      60,984,000     141,748,992     192,988,000
Capital expenditure                              -87,734,000        -689,000          -7,000        -278,000               0               0
Free cash flow                                  -217,336,000    -131,412,000      10,124,000      60,706,000     141,748,992     192,988,000
____________________________________________________________________________________________________________________________________________





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Average to Current P/E Ratios
              (INVA)     Innoviva Inc.

                               2013    2014    2015    2016    2017

          Annual Earnings:    -1.67   -1.50   -0.16    0.53    1.17
Average Price During Year:    25.67   23.86   14.17   11.24   12.43

                P/E Ratio:    15.37   15.91   88.56   21.20   10.63

 Average 5-Year P/E Ratio  =  30.33
             Current Price =  15.24

Previous 5 Quarter Earnings:   0.30    0.21    0.50    0.27    0.49

           Current Annualized (Last Four Quarters) Earnings =   1.26
                                                           ________
                                 Average PE / Current PE =     2.51
                                                           --------

                                      ...a number above 1.00 is good
                                                1.00 or below is bad


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Sentiment

sentiment

Zenith uses the "sentiment" score above or below 50 to award a positive or negative point in the Decision Matrix.

sentiment sentiment sentiment



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Short Interest Ratio

As the short interest rises as a percentage of average daily share volume (Days to Cover), this is considered a measure of negative sentiment. Similarly, a decrease in that percentage is considered positive sentiment.

short interest short interest


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Standard & Poor's

S&P Stock Report (Requires Adobe Acrobat Reader)



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Management's Discussion of Results of Operations Excerpts

Click Here for Management's Discussion Excerpts



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Channeling Potential

 
The summary below includes a value for `Degree,' which refers on a
scale of 1 to 10 the range of a channel in the period under consi-
deration compared to the total range of price movement. It also looks
for the last closing price to be within the channel, otherwise zeroed.
The `Index' is the `Degree' weighted for volatility.  Generally, the
the higher the index, the more suitable is the stock for trading as
a `rolling stock' between channel high and low points.

Results for INNOVIVA INC.:
Symbol? INVA
Total Months Available:  24
       Months in Cycle?   4

Months Covered by Periods:  12

Period 1           Period 2          Period 3
   H1      L1        H2      L2        H3      L3
  16.11   11.47     17.99   13.52     15.75   13.26

RANGE   =  17.99  TO   11.47            Close =  15.32
CHANNEL =  15.75  TO   13.52           Degree =   3
Volatility =  14.56%                    Index =   4
Channel Chart



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MACD Histogram Divergence

The theory is that connecting the two most recent peaks or valleys of the MACD histogram will signal the direction of the next major move.



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Intraday Chart

2 Days:



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Val Idea

1 out of 8 favorable, (negative opinion.)

Val Idea


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Stock Consultant

Stock Consultant Stock Consultant


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Point & Figure Chart

P & F Chart


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Wall Street Analyzer



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Marketspace Chart

Marketspace Chart



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Time Series Forecast

Time Series 1 Time Series 2


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Neural Network Prediction

"Neurostock" can only track long trades. Therefore its performance, as tracked by itself on stocks which are consistently falling, may not appear as good as it could if each "sell" signal were a "short sale."

Neural Chart
Heading
Neural Trades Neural Prediction



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Ultimate Trading Systems

2 out of 3 of the ultimate systems favor a downmove.


System Below:
Short term outlook: Positive: Bright Green, Negative: Bright Red
Long term outlook: Postive: Dark Green, Negative: Dark Red.




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Recommendation

Decision Weighting Factors
FactorsWeighted Points
News + 1
Comparison - 1
Industry - 1
Bond Issue 0
Zenith Index + 1
Non-GAAP vs. GAAP Earnings - 1
Cash Flow - 1
Average to Current P/E + 1
Ratios - 1
Market Grader + 1
Intrinsic Value DCF 0
Fair Value Estimator + 1
Projected Earnings - 1
Research Reports + 1
Analysts + 1
Executive Perquisites + 1
Insider Activity - 1
Institutional Activity - 1
Management Reporting + 1
Short Interest - 1
Sentiment + 1
Standard & Poor's + 1
MACD Histogram Divergence + 1
Val Idea - 1
Stock Consultant - 1
Point & Figure + 1
Wall Street Analyzer + 1
Marketspace Chart + 1
Time Series Chart - 1
Neural Network - 1
Stock Options + 1
Ultimate Trading Systems - 1
Total + 2
Place 1,970 shares of Innoviva, Inc. (INVA) on the Active List.