Intech Investment Management LLC Raises Position in Innoviva, Inc. $INVA

Intech Investment Management LLC lifted its stake in Innoviva, Inc. (NASDAQ:INVA) by 499.0% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 220,222 shares of the biotechnology company’s stock after acquiring an additional 183,458 shares during the quarter. Intech Investment Management LLC’s holdings in Innoviva were worth $4,402,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Geode Capital Management LLC boosted its position in shares of Innoviva by 11.3% in the fourth quarter. Geode Capital Management LLC now owns 1,752,438 shares of the biotechnology company’s stock worth $35,038,000 after buying an additional 178,238 shares during the period. Royce & Associates LP boosted its position in shares of Innoviva by 81.9% in the fourth quarter. Royce & Associates LP now owns 920,317 shares of the biotechnology company’s stock worth $18,397,000 after buying an additional 414,411 shares during the period. Legal & General Group Plc boosted its position in shares of Innoviva by 3.7% in the fourth quarter. Legal & General Group Plc now owns 190,638 shares of the biotechnology company’s stock worth $3,811,000 after buying an additional 6,813 shares during the period. Legato Capital Management LLC acquired a new position in shares of Innoviva in the fourth quarter worth about $1,425,000. Finally, LSV Asset Management lifted its stake in shares of Innoviva by 44.7% in the fourth quarter. LSV Asset Management now owns 58,000 shares of the biotechnology company’s stock worth $1,159,000 after acquiring an additional 17,906 shares in the last quarter. Hedge funds and other institutional investors own 99.12% of the company’s stock.

Innoviva Stock Performance

NASDAQ:INVA opened at $21.42 on Monday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 20.07 and a current ratio of 21.13. Innoviva, Inc. has a one year low of $16.52 and a one year high of $25.15. The business’s 50-day simple moving average is $22.90 and its 200 day simple moving average is $21.76. The stock has a market cap of $1.58 billion, a price-to-earnings ratio of 3.56 and a beta of 0.35.

Innoviva (NASDAQ:INVA) last released its quarterly 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 business had revenue of $97.99 million for the quarter, compared to analysts’ expectations of $101.57 million. As a group, sell-side analysts predict that Innoviva, Inc. will post 1.96 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

INVA has been the topic of several recent analyst reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Innoviva in a research note on Friday, March 27th. BTIG Research reiterated a “buy” rating and issued a $42.00 price target on shares of Innoviva in a research note on Tuesday, May 26th. Finally, Wall Street Zen cut Innoviva from a “buy” rating to a “hold” rating in a research note on Sunday, May 17th. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $36.20.

Innoviva 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.