Summit Global Investments Acquires Shares of 23,626 Innoviva, Inc. $INVA

Summit Global Investments acquired a new position in shares of Innoviva, Inc. (NASDAQ:INVA) in the first quarter, according to its most recent disclosure with the SEC. The firm acquired 23,626 shares of the biotechnology company’s stock, valued at approximately $550,000.

Several other hedge funds and other institutional investors also recently modified their holdings of INVA. Vanguard Group Inc. boosted its holdings in shares of Innoviva by 11.6% in the fourth quarter. Vanguard Group Inc. now owns 7,917,103 shares of the biotechnology company’s stock valued at $158,263,000 after acquiring an additional 819,757 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Innoviva by 1.7% during the first quarter. Dimensional Fund Advisors LP now owns 4,436,427 shares of the biotechnology company’s stock worth $103,366,000 after purchasing an additional 76,026 shares in the last quarter. State Street Corp lifted its position in Innoviva by 9.4% in the fourth quarter. State Street Corp now owns 2,796,820 shares of the biotechnology company’s stock valued at $55,908,000 after purchasing an additional 239,848 shares during the period. Arrowstreet Capital Limited Partnership increased its position in Innoviva by 38.1% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,358,633 shares of the biotechnology company’s stock worth $43,045,000 after purchasing an additional 650,151 shares during the period. Finally, Geode Capital Management LLC increased its position in Innoviva by 11.3% during the 4th quarter. Geode Capital Management LLC now owns 1,752,438 shares of the biotechnology company’s stock worth $35,038,000 after purchasing an additional 178,238 shares during the period. 99.12% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

INVA has been the topic of several research analyst reports. BTIG Research restated a “buy” rating and set a $42.00 target price on shares of Innoviva in a research report on Monday, June 22nd. HC Wainwright reissued a “buy” rating and set a $46.00 price objective on shares of Innoviva in a report on Monday, June 1st. Weiss Ratings restated a “buy (b)” rating on shares of Innoviva in a research report on Wednesday, June 24th. Finally, Wall Street Zen raised shares of Innoviva from a “hold” rating to a “buy” rating in a report on Saturday, June 6th. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $36.20.

Innoviva Stock Performance

Innoviva stock opened at $21.43 on Thursday. The firm has a market capitalization of $1.58 billion, a P/E ratio of 3.57 and a beta of 0.34. The stock has a fifty day moving average price of $22.30 and a 200 day moving average price of $22.17. Innoviva, Inc. has a 52 week low of $16.52 and a 52 week high of $25.15. The company has a current ratio of 21.13, a quick ratio of 20.07 and a debt-to-equity ratio of 0.19.

Innoviva (NASDAQ:INVA) last released its earnings results on Wednesday, May 6th. The biotechnology company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.01. Innoviva had a net margin of 119.89% and a return on equity of 33.33%. The business had revenue of $97.99 million for the quarter, compared to analysts’ expectations of $101.57 million. Equities research analysts anticipate that Innoviva, Inc. will post 2.2 earnings per share for the current year.

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.