NewEdge Wealth LLC Purchases 26,732 Shares of Innoviva, Inc. $INVA

NewEdge Wealth LLC increased its holdings in Innoviva, Inc. (NASDAQ:INVA) by 53.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 77,134 shares of the biotechnology company’s stock after acquiring an additional 26,732 shares during the quarter. NewEdge Wealth LLC’s holdings in Innoviva were worth $1,797,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Jennison Associates LLC bought a new position in Innoviva in the fourth quarter worth approximately $928,000. Universal Beteiligungs und Servicegesellschaft mbH boosted its position in Innoviva by 49.9% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 173,119 shares of the biotechnology company’s stock valued at $3,457,000 after acquiring an additional 57,616 shares in the last quarter. Hsbc Holdings PLC bought a new stake in Innoviva during the 4th quarter valued at $6,428,000. Hussman Strategic Advisors Inc. increased its holdings in shares of Innoviva by 150.0% in the 4th quarter. Hussman Strategic Advisors Inc. now owns 105,000 shares of the biotechnology company’s stock valued at $2,099,000 after acquiring an additional 63,000 shares during the period. Finally, Legato Capital Management LLC purchased a new position in shares of Innoviva in the 4th quarter valued at $1,425,000. Hedge funds and other institutional investors own 99.12% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Wall Street Zen upgraded shares of Innoviva from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. Weiss Ratings reissued a “buy (b)” rating on shares of Innoviva in a research report on Wednesday, June 24th. BTIG Research restated a “buy” rating and set a $42.00 price target on shares of Innoviva in a research note on Monday, June 22nd. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $46.00 price target on shares of Innoviva in a report on Monday, June 1st. Five equities research 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’s stock. According to MarketBeat, Innoviva has an average rating of “Moderate Buy” and an average target price of $36.20.

Innoviva Stock Performance

Innoviva stock opened at $21.44 on Monday. The stock has a 50-day moving average price of $22.26 and a 200 day moving average price of $22.19. The company has a market capitalization of $1.58 billion, a price-to-earnings 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. The company has a quick ratio of 20.07, a current ratio of 21.13 and a debt-to-equity ratio of 0.19.

Innoviva (NASDAQ:INVA) last issued its quarterly earnings results on Wednesday, May 6th. The biotechnology company reported $0.44 earnings per share 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 company had revenue of $97.99 million for the quarter, compared to the consensus estimate of $101.57 million. Sell-side analysts anticipate that Innoviva, Inc. will post 2.2 EPS for the current 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.