Cornerstone Investment Partners LLC Takes Position in Innoviva, Inc. (NASDAQ:INVA)

Cornerstone Investment Partners LLC acquired a new stake in Innoviva, Inc. (NASDAQ:INVA) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 11,033 shares of the biotechnology company’s stock, valued at approximately $177,000.

Several other hedge funds have also modified their holdings of INVA. Pacer Advisors Inc. raised its stake in Innoviva by 119,140.3% in the fourth quarter. Pacer Advisors Inc. now owns 1,728,984 shares of the biotechnology company’s stock valued at $27,733,000 after buying an additional 1,727,534 shares in the last quarter. Invesco Ltd. raised its stake in Innoviva by 104.9% in the first quarter. Invesco Ltd. now owns 1,308,327 shares of the biotechnology company’s stock valued at $25,315,000 after buying an additional 669,799 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Innoviva by 17.9% in the first quarter. Dimensional Fund Advisors LP now owns 3,782,204 shares of the biotechnology company’s stock valued at $42,549,000 after buying an additional 575,010 shares in the last quarter. Norges Bank acquired a new stake in Innoviva in the fourth quarter valued at $6,719,000. Finally, State Street Corp raised its stake in Innoviva by 22.1% in the second quarter. State Street Corp now owns 2,457,108 shares of the biotechnology company’s stock valued at $36,267,000 after buying an additional 445,546 shares in the last quarter. 99.12% of the stock is currently owned by institutional investors and hedge funds.

Innoviva Stock Performance

Shares of INVA stock opened at $14.95 on Friday. The stock’s 50-day moving average is $15.07 and its two-hundred day moving average is $14.86. The firm has a market cap of $945.29 million, a price-to-earnings ratio of 6.86 and a beta of 0.57. Innoviva, Inc. has a 1 year low of $11.37 and a 1 year high of $16.86. The company has a debt-to-equity ratio of 0.66, a quick ratio of 7.96 and a current ratio of 9.03.

Innoviva (NASDAQ:INVA) last issued its quarterly earnings data on Thursday, February 29th. The biotechnology company reported $0.76 earnings per share (EPS) for the quarter. The company had revenue of $85.84 million for the quarter. Innoviva had a return on equity of 30.37% and a net margin of 57.89%.

Wall Street Analyst Weigh In

INVA has been the topic of a number of analyst reports. StockNews.com upgraded Innoviva from a “hold” rating to a “buy” rating in a research note on Friday, March 29th. TheStreet raised Innoviva from a “c” rating to a “b-” rating in a report on Thursday, February 29th.

Innoviva Profile

Innoviva, Inc engages in the development and commercialization of pharmaceutical products in the United States and internationally. The company's products include RELVAR/BREO ELLIPTA, a once-daily combination medicine consisting of a LABA, vilanterol (VI), an inhaled corticosteroid (ICS), and fluticasone furoate; ANORO ELLIPTA, a once-daily medicine combining a long-acting muscarinic antagonist (LAMA) and umeclidinium bromide (UMEC) with a LABA, VI; GIAPREZA (angiotensin II), a vasoconstrictor to increase blood pressure in adults with septic or other distributive shock; XERAVA (eravacycline) for the treatment of complicated intra-abdominal infections in adults; and XACDURO, a beta lactamase inhibitor for the treatment of hospital-acquired bacterial pneumonia and ventilator-associated bacterial pneumonia.