Royce & Associates LP Acquires 414,411 Shares of Innoviva, Inc. $INVA

Royce & Associates LP boosted its holdings in Innoviva, Inc. (NASDAQ:INVA) by 81.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 920,317 shares of the biotechnology company’s stock after purchasing an additional 414,411 shares during the quarter. Royce & Associates LP owned about 1.23% of Innoviva worth $18,397,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Oliver Luxxe Assets LLC acquired a new stake in Innoviva in the fourth quarter valued at approximately $1,693,000. Allianz Asset Management GmbH grew its stake in Innoviva by 139.2% in the third quarter. Allianz Asset Management GmbH now owns 196,831 shares of the biotechnology company’s stock valued at $3,592,000 after acquiring an additional 114,549 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in Innoviva in the third quarter valued at approximately $607,000. Orion Porfolio Solutions LLC grew its stake in Innoviva by 28.2% in the third quarter. Orion Porfolio Solutions LLC now owns 101,858 shares of the biotechnology company’s stock valued at $1,859,000 after acquiring an additional 22,412 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH grew its stake in Innoviva by 838.8% in the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 115,503 shares of the biotechnology company’s stock valued at $2,108,000 after acquiring an additional 103,200 shares during the period. 99.12% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. BTIG Research reissued a “buy” rating and issued a $42.00 price objective on shares of Innoviva in a research note on Tuesday. Wall Street Zen cut Innoviva from a “buy” rating to a “hold” rating in a research note on Sunday, May 17th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Innoviva in a research note on Friday, March 27th. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Innoviva currently has a consensus rating of “Moderate Buy” and an average price target of $36.20.

Innoviva Trading Up 1.0%

Shares of Innoviva stock opened at $22.68 on Wednesday. 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 52 week low of $16.52 and a 52 week high of $25.15. The stock has a 50 day moving average price of $22.92 and a two-hundred day moving average price of $21.74. The stock has a market capitalization of $1.67 billion, a PE ratio of 3.77 and a beta of 0.38.

Innoviva (NASDAQ:INVA) last announced its earnings results on Wednesday, May 6th. The biotechnology company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.01. The company had revenue of $97.99 million for the quarter, compared to analysts’ expectations of $101.57 million. Innoviva had a return on equity of 33.33% and a net margin of 119.89%. As a group, equities analysts anticipate that Innoviva, Inc. will post 1.96 earnings per share for the current fiscal year.

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.