Vanguard Group Inc. Acquires 819,757 Shares of Innoviva, Inc. $INVA

Vanguard Group Inc. boosted its holdings in Innoviva, Inc. (NASDAQ:INVA) by 11.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,917,103 shares of the biotechnology company’s stock after acquiring an additional 819,757 shares during the quarter. Vanguard Group Inc. owned 10.59% of Innoviva worth $158,263,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted its holdings in Innoviva by 297.7% during the second quarter. EverSource Wealth Advisors LLC now owns 2,398 shares of the biotechnology company’s stock valued at $48,000 after purchasing an additional 1,795 shares in the last quarter. Danske Bank A S acquired a new position in shares of Innoviva in the 3rd quarter worth approximately $55,000. Asset Management One Co. Ltd. bought a new position in shares of Innoviva during the 3rd quarter worth approximately $60,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in Innoviva by 49.1% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,633 shares of the biotechnology company’s stock valued at $73,000 after buying an additional 1,197 shares in the last quarter. Finally, Lazard Asset Management LLC acquired a new stake in Innoviva in the 2nd quarter valued at $92,000. Institutional investors and hedge funds own 99.12% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Wall Street Zen cut Innoviva from a “strong-buy” rating to a “buy” rating in a report on Saturday. BTIG Research upped their target price on shares of Innoviva from $35.00 to $42.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Innoviva in a research report on Friday, March 27th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $36.20.

Innoviva Trading Down 1.6%

INVA stock opened at $22.52 on Tuesday. The business has a fifty day moving average price of $22.92 and a 200 day moving average price of $21.40. The company has a debt-to-equity ratio of 0.19, a current ratio of 21.13 and a quick ratio of 20.07. Innoviva, Inc. has a fifty-two week low of $16.52 and a fifty-two week high of $25.15. The stock has a market capitalization of $1.67 billion, a price-to-earnings ratio of 3.75 and a beta of 0.38.

Innoviva (NASDAQ:INVA) last announced its earnings results on Wednesday, May 6th. The biotechnology company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.43 by $0.01. Innoviva had a return on equity of 33.33% and a net margin of 119.89%.The company had revenue of $97.99 million for the quarter, compared to analysts’ expectations of $101.57 million. Analysts expect that Innoviva, Inc. will post 1.94 EPS for the current fiscal year.

Innoviva Company Profile

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.