QRG Capital Management Inc. Has $1.47 Million Position in Innoviva, Inc. $INVA

QRG Capital Management Inc. reduced its stake in shares of Innoviva, Inc. (NASDAQ:INVA) by 28.5% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 80,382 shares of the biotechnology company’s stock after selling 32,083 shares during the period. QRG Capital Management Inc. owned 0.13% of Innoviva worth $1,467,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of INVA. Parallel Advisors LLC grew its stake in Innoviva by 157.5% in the second quarter. Parallel Advisors LLC now owns 1,849 shares of the biotechnology company’s stock valued at $37,000 after purchasing an additional 1,131 shares in the last quarter. Elevation Point Wealth Partners LLC acquired a new stake in shares of Innoviva during the 2nd quarter valued at about $43,000. EverSource Wealth Advisors LLC grew its stake in shares of Innoviva by 297.7% in the 2nd 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 in the last quarter. Asset Management One Co. Ltd. acquired a new position in Innoviva in the third quarter worth approximately $60,000. Finally, Toth Financial Advisory Corp bought a new position in Innoviva during the third quarter valued at approximately $63,000. 99.12% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on INVA. Zacks Research downgraded shares of Innoviva from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 6th. The Goldman Sachs Group assumed coverage on shares of Innoviva in a report on Tuesday, September 30th. They issued a “sell” rating and a $17.00 price objective for the company. Cantor Fitzgerald increased their target price on shares of Innoviva from $29.00 to $31.00 and gave the stock an “overweight” rating in a research report on Thursday, November 6th. Wall Street Zen raised Innoviva from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 25th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Innoviva in a research note on Monday, December 29th. Five 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. According to data from MarketBeat.com, Innoviva has a consensus rating of “Moderate Buy” and an average price target of $38.80.

Innoviva Stock Performance

Shares of INVA opened at $19.55 on Wednesday. The company has a market capitalization of $1.46 billion, a PE ratio of 14.27 and a beta of 0.44. The company has a debt-to-equity ratio of 0.25, a current ratio of 14.12 and a quick ratio of 13.33. Innoviva, Inc. has a one year low of $16.52 and a one year high of $22.76. The company’s fifty day moving average price is $20.47 and its 200 day moving average price is $19.55.

Innoviva (NASDAQ:INVA) last released its quarterly earnings results on Wednesday, November 5th. The biotechnology company reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.62. The company had revenue of $107.80 million during the quarter, compared to analysts’ expectations of $91.31 million. Innoviva had a net margin of 32.78% and a return on equity of 28.17%. As a group, analysts expect that Innoviva, Inc. will post 0.33 earnings per share for the current 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.