Summit Global Investments Invests $550,000 in Innoviva, Inc. $INVA

Summit Global Investments purchased a new stake in shares of Innoviva, Inc. (NASDAQ:INVA) in the first quarter, HoldingsChannel.com reports. The firm purchased 23,626 shares of the biotechnology company’s stock, valued at approximately $550,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in INVA. Creative Planning increased its position in shares of Innoviva by 0.8% during the third quarter. Creative Planning now owns 61,365 shares of the biotechnology company’s stock worth $1,120,000 after acquiring an additional 461 shares during the last quarter. Bailard Inc. lifted its stake in shares of Innoviva by 4.7% in the fourth quarter. Bailard Inc. now owns 10,933 shares of the biotechnology company’s stock worth $219,000 after acquiring an additional 492 shares in the last quarter. Verition Fund Management LLC boosted its holdings in Innoviva by 0.3% in the third quarter. Verition Fund Management LLC now owns 175,855 shares of the biotechnology company’s stock valued at $3,209,000 after purchasing an additional 527 shares during the last quarter. Parallel Advisors LLC boosted its holdings in Innoviva by 82.8% in the first quarter. Parallel Advisors LLC now owns 1,179 shares of the biotechnology company’s stock valued at $27,000 after purchasing an additional 534 shares during the last quarter. Finally, Bank of Montreal Can grew its stake in Innoviva by 3.8% during the 4th quarter. Bank of Montreal Can now owns 14,742 shares of the biotechnology company’s stock valued at $295,000 after purchasing an additional 540 shares in the last quarter. Hedge funds and other institutional investors own 99.12% of the company’s stock.

Innoviva Stock Performance

INVA stock opened at $21.43 on Thursday. Innoviva, Inc. has a 1 year low of $16.52 and a 1 year high of $25.15. The stock has a market capitalization of $1.58 billion, a price-to-earnings ratio of 3.57 and a beta of 0.34. The company has a debt-to-equity ratio of 0.19, a quick ratio of 20.07 and a current ratio of 21.13. The stock’s fifty day moving average is $22.30 and its two-hundred day moving average is $22.17.

Innoviva (NASDAQ:INVA) last issued its quarterly earnings data on Wednesday, May 6th. The biotechnology company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.01. The firm had revenue of $97.99 million for the quarter, compared to the consensus estimate of $101.57 million. Innoviva had a net margin of 119.89% and a return on equity of 33.33%. On average, research analysts predict that Innoviva, Inc. will post 2.2 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on INVA. BTIG Research restated a “buy” rating and issued a $42.00 price target on shares of Innoviva in a research note on Monday, June 22nd. HC Wainwright reissued a “buy” rating and set a $46.00 price objective on shares of Innoviva in a report on Monday, June 1st. Wall Street Zen raised shares of Innoviva from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Innoviva in a research note on Wednesday, June 24th. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $36.20.

About Innoviva

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.