Renaissance Technologies LLC Reduces Holdings in Innoviva, Inc. $INVA

Renaissance Technologies LLC lowered its position in shares of Innoviva, Inc. (NASDAQ:INVA) by 3.7% during the first quarter, Holdings Channel reports. The firm owned 4,055,632 shares of the biotechnology company’s stock after selling 154,540 shares during the quarter. Renaissance Technologies LLC owned approximately 0.05% of Innoviva worth $94,496,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in INVA. Oak Associates Ltd. OH purchased a new position in Innoviva during the 1st quarter worth approximately $476,000. Sei Investments Co. increased its position in Innoviva by 50.7% during the first quarter. Sei Investments Co. now owns 131,205 shares of the biotechnology company’s stock worth $3,057,000 after buying an additional 44,142 shares during the period. State of Wyoming lifted its stake in Innoviva by 26.5% in the first quarter. State of Wyoming now owns 13,193 shares of the biotechnology company’s stock valued at $307,000 after buying an additional 2,763 shares during the last quarter. Cetera Investment Advisers lifted its stake in Innoviva by 34.1% in the first quarter. Cetera Investment Advisers now owns 45,340 shares of the biotechnology company’s stock valued at $1,056,000 after buying an additional 11,524 shares during the last quarter. Finally, NewEdge Wealth LLC boosted its holdings in shares of Innoviva by 53.0% in the first quarter. NewEdge Wealth LLC now owns 77,134 shares of the biotechnology company’s stock valued at $1,797,000 after acquiring an additional 26,732 shares during the period. 99.12% of the stock is owned by hedge funds and other institutional investors.

Innoviva Stock Performance

Shares of INVA stock opened at $21.44 on Friday. The stock’s 50-day moving average price is $22.26 and its 200 day moving average price is $22.18. The company has a quick ratio of 20.07, a current ratio of 21.13 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $1.58 billion, a PE ratio of 3.57 and a beta of 0.34. Innoviva, Inc. has a 52-week low of $16.52 and a 52-week high of $25.15.

Innoviva (NASDAQ:INVA) last posted its quarterly earnings data on Wednesday, May 6th. The biotechnology company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $101.57 million. As a group, equities research analysts forecast that Innoviva, Inc. will post 2.2 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. 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. Weiss Ratings reiterated a “buy (b)” rating on shares of Innoviva in a research report on Wednesday, June 24th. HC Wainwright reiterated a “buy” rating and issued a $46.00 price target on shares of Innoviva in a research report on Monday, June 1st. Finally, Wall Street Zen upgraded shares of Innoviva from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. Five 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’s stock. According to data from MarketBeat.com, Innoviva presently has an average rating of “Moderate Buy” and an average price target of $36.20.

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.