Why Did Innoviva, Inc. Stock Fall Nearly 16% Wednesday?

Shares of bio-pharmaceutical company Innoviva (NASDAQ: INVA) fell as much as 17.4% on Wednesday. But the stock finished the trading day down 15.55%.

The stock's decline came just before Innoviva was scheduled to report its results for its third quarter. While there wasn't any specific news that seemed to drive the stock's decline, the timing of the sell-off indicates a large investor may have decided to sell a meaningful position just before earnings. Similarly, a large number of smaller investors may have happened to sell on the same day.

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Source: Fool.com