Public Sector Pension Investment Board Increases Holdings in Innoviva, Inc. $INVA

Public Sector Pension Investment Board raised its holdings in shares of Innoviva, Inc. (NASDAQ:INVA) by 24.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 233,484 shares of the biotechnology company’s stock after purchasing an additional 45,121 shares during the period. Public Sector Pension Investment Board owned 0.37% of Innoviva worth $4,261,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Elevation Point Wealth Partners LLC purchased a new position in shares of Innoviva during the second quarter valued at approximately $43,000. EverSource Wealth Advisors LLC boosted its holdings in Innoviva by 297.7% in the second quarter. EverSource Wealth Advisors LLC now owns 2,398 shares of the biotechnology company’s stock valued at $48,000 after acquiring an additional 1,795 shares in the last quarter. Asset Management One Co. Ltd. purchased a new position in Innoviva during the 3rd quarter valued at $60,000. Toth Financial Advisory Corp purchased a new position in Innoviva during the 3rd quarter valued at $63,000. Finally, Lazard Asset Management LLC bought a new position in Innoviva in the 2nd quarter worth $92,000. Hedge funds and other institutional investors own 99.12% of the company’s stock.

Wall Street Analyst Weigh In

INVA has been the topic of several research analyst reports. HC Wainwright boosted their price target on shares of Innoviva from $45.00 to $46.00 and gave the company a “buy” rating in a research report on Tuesday, December 16th. Cantor Fitzgerald upped their target price on Innoviva from $29.00 to $31.00 and gave the stock an “overweight” rating in a report on Thursday, November 6th. Zacks Research cut Innoviva from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 6th. BTIG Research initiated coverage on Innoviva in a research report on Tuesday. They set a “buy” rating and a $35.00 price target on the stock. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Innoviva in a report on Monday, December 29th. Six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $38.17.

Innoviva Stock Performance

Shares of INVA opened at $23.39 on Friday. The company has a quick ratio of 13.33, a current ratio of 14.12 and a debt-to-equity ratio of 0.25. The stock has a market cap of $1.75 billion, a P/E ratio of 17.07 and a beta of 0.44. The business’s 50 day moving average price is $20.52 and its 200-day moving average price is $19.92. Innoviva, Inc. has a 52 week low of $16.52 and a 52 week high of $24.01.

About Innoviva

Innoviva, Inc, incorporated in Delaware and headquartered in San Francisco, California, is a royalty-focused life sciences company. It acquires, manages and monetizes royalty and license interests in biopharmaceutical products, with a primary emphasis on inhaled respiratory therapies. Innoviva’s portfolio is anchored by royalties on therapies originally developed by its former affiliate, now marketed by GlaxoSmithKline, including several long-acting inhaled products approved for chronic obstructive pulmonary disease (COPD) and asthma.

The company was established through a spin‐out transaction in 2014, separating the royalty assets from a research‐based biopharmaceutical enterprise to create a specialized investment vehicle.