Synergy Asset Management LLC Has $1.49 Million Position in Innoviva, Inc. $INVA

Synergy Asset Management LLC lessened its holdings in Innoviva, Inc. (NASDAQ:INVA) by 26.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 74,359 shares of the biotechnology company’s stock after selling 27,100 shares during the period. Synergy Asset Management LLC’s holdings in Innoviva were worth $1,486,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in INVA. Royal Bank of Canada boosted its position in Innoviva by 81.1% during the first quarter. Royal Bank of Canada now owns 21,530 shares of the biotechnology company’s stock worth $389,000 after purchasing an additional 9,639 shares during the period. AQR Capital Management LLC increased its holdings in shares of Innoviva by 17.8% in the first quarter. AQR Capital Management LLC now owns 167,456 shares of the biotechnology company’s stock valued at $3,036,000 after purchasing an additional 25,317 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Innoviva by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,882 shares of the biotechnology company’s stock valued at $596,000 after purchasing an additional 1,392 shares during the period. NewEdge Advisors LLC bought a new position in shares of Innoviva in the first quarter valued at about $243,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Innoviva by 21.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 171,116 shares of the biotechnology company’s stock worth $3,102,000 after buying an additional 30,792 shares during the last quarter. Institutional investors and hedge funds own 99.12% of the company’s stock.

Innoviva Stock Up 0.3%

INVA opened at $22.66 on Friday. The stock has a fifty day moving average of $21.82 and a 200-day moving average of $20.33. The company has a market capitalization of $1.68 billion, a P/E ratio of 7.43 and a beta of 0.42. Innoviva, Inc. has a fifty-two week low of $16.52 and a fifty-two week high of $25.15. The company has a debt-to-equity ratio of 0.22, a quick ratio of 13.85 and a current ratio of 14.64.

Innoviva (NASDAQ:INVA) last released its quarterly earnings results on Wednesday, February 25th. The biotechnology company reported $1.94 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $1.60. Innoviva had a net margin of 65.92% and a return on equity of 37.63%. The business had revenue of $114.61 million for the quarter, compared to analyst estimates of $102.62 million. On average, equities analysts expect that Innoviva, Inc. will post 0.33 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently commented on INVA. BTIG Research reaffirmed a “buy” rating and set a $35.00 target price on shares of Innoviva in a report on Thursday, February 26th. HC Wainwright raised their price objective on shares of Innoviva from $45.00 to $46.00 and gave the stock a “buy” rating in a research report on Tuesday, December 16th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Innoviva in a report on Monday, December 29th. Five equities research 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’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $34.80.

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.