Royce & Associates LP Increases Stock Holdings in Innoviva, Inc. $INVA

Royce & Associates LP lifted its stake in shares of Innoviva, Inc. (NASDAQ:INVA) by 81.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 920,317 shares of the biotechnology company’s stock after buying an additional 414,411 shares during the period. Royce & Associates LP’s holdings in Innoviva were worth $18,397,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. EverSource Wealth Advisors LLC boosted its position in shares of Innoviva by 297.7% during the second quarter. EverSource Wealth Advisors LLC now owns 2,398 shares of the biotechnology company’s stock valued at $48,000 after buying an additional 1,795 shares during the last quarter. Danske Bank A S purchased a new position in shares of Innoviva during the third quarter valued at approximately $55,000. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Innoviva by 49.1% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,633 shares of the biotechnology company’s stock valued at $73,000 after buying an additional 1,197 shares during the last quarter. Lazard Asset Management LLC purchased a new position in shares of Innoviva during the second quarter valued at approximately $92,000. Finally, Strs Ohio purchased a new position in shares of Innoviva during the fourth quarter valued at approximately $130,000. Hedge funds and other institutional investors own 99.12% of the company’s stock.

Innoviva Stock Performance

NASDAQ:INVA 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 firm has a market cap of $1.67 billion, a price-to-earnings ratio of 3.77 and a beta of 0.38. The business’s fifty day moving average is $22.92 and its 200 day moving average is $21.74.

Innoviva (NASDAQ:INVA) last released its quarterly earnings data on Wednesday, May 6th. The biotechnology company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.01. Innoviva had a return on equity of 33.33% and a net margin of 119.89%.The company had revenue of $97.99 million for the quarter, compared to analyst estimates of $101.57 million. Research analysts predict that Innoviva, Inc. will post 1.96 EPS for the current year.

Wall Street Analyst Weigh In

INVA has been the topic of several research analyst reports. BTIG Research reissued a “buy” rating and issued a $42.00 price objective on shares of Innoviva in a research report on Tuesday. Wall Street Zen cut Innoviva from a “buy” rating to a “hold” rating in a research report on Sunday, May 17th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Innoviva in a research report on Friday, March 27th. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $36.20.

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.