Public Sector Pension Investment Board Increases Stake in Innoviva, Inc. $INVA

Public Sector Pension Investment Board grew its position in Innoviva, Inc. (NASDAQ:INVA) by 24.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 233,484 shares of the biotechnology company’s stock after buying an additional 45,121 shares during the period. Public Sector Pension Investment Board’s holdings in Innoviva were worth $4,261,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in INVA. Bank of Montreal Can grew its holdings in shares of Innoviva by 4.2% during the second quarter. Bank of Montreal Can now owns 18,853 shares of the biotechnology company’s stock valued at $379,000 after buying an additional 767 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its position in Innoviva by 6.3% in the 3rd quarter. Oregon Public Employees Retirement Fund now owns 13,507 shares of the biotechnology company’s stock valued at $247,000 after acquiring an additional 800 shares in the last quarter. Teacher Retirement System of Texas boosted its stake in Innoviva by 5.9% during the 2nd quarter. Teacher Retirement System of Texas now owns 16,053 shares of the biotechnology company’s stock valued at $323,000 after purchasing an additional 889 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in shares of Innoviva by 7.6% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 14,183 shares of the biotechnology company’s stock worth $285,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Ameritas Investment Partners Inc. increased its holdings in shares of Innoviva by 18.6% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,429 shares of the biotechnology company’s stock worth $129,000 after purchasing an additional 1,007 shares in the last quarter. Institutional investors own 99.12% of the company’s stock.

Innoviva Price Performance

Shares of NASDAQ:INVA opened at $23.39 on Friday. The company has a quick ratio of 13.33, a current ratio of 14.12 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $1.75 billion, a PE ratio of 17.07 and a beta of 0.44. The firm’s 50 day moving average price is $20.52 and its 200-day moving average price is $19.92. Innoviva, Inc. has a twelve month low of $16.52 and a twelve month high of $24.01.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on INVA shares. HC Wainwright upped their price target on Innoviva from $45.00 to $46.00 and gave the company a “buy” rating in a report on Tuesday, December 16th. Wall Street Zen upgraded shares of Innoviva from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 25th. Cantor Fitzgerald raised their price target on shares of Innoviva from $29.00 to $31.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. Zacks Research cut shares of Innoviva from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 6th. Finally, BTIG Research started coverage on shares of Innoviva in a research report on Tuesday. They set a “buy” rating and a $35.00 price objective on the stock. Six research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $38.17.

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.