Legato Capital Management LLC Buys New Holdings in Innoviva, Inc. $INVA

Legato Capital Management LLC bought a new stake in Innoviva, Inc. (NASDAQ:INVA) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 71,269 shares of the biotechnology company’s stock, valued at approximately $1,425,000.

Several other hedge funds have also bought and sold shares of INVA. Vanguard Group Inc. lifted its stake in Innoviva by 11.6% in the 4th quarter. Vanguard Group Inc. now owns 7,917,103 shares of the biotechnology company’s stock valued at $158,263,000 after purchasing an additional 819,757 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in Innoviva by 38.1% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,358,633 shares of the biotechnology company’s stock valued at $43,045,000 after purchasing an additional 650,151 shares during the last quarter. Boston Partners lifted its stake in Innoviva by 63.6% in the 3rd quarter. Boston Partners now owns 1,431,601 shares of the biotechnology company’s stock valued at $26,125,000 after purchasing an additional 556,517 shares during the last quarter. Royce & Associates LP lifted its position in Innoviva by 641.2% during the third quarter. Royce & Associates LP now owns 505,906 shares of the biotechnology company’s stock worth $9,233,000 after acquiring an additional 437,654 shares during the last quarter. Finally, Qube Research & Technologies Ltd lifted its position in Innoviva by 68.2% during the third quarter. Qube Research & Technologies Ltd now owns 1,023,534 shares of the biotechnology company’s stock worth $18,679,000 after acquiring an additional 414,889 shares during the last quarter. 99.12% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on INVA. BTIG Research raised their price objective on shares of Innoviva from $35.00 to $42.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Weiss Ratings restated a “buy (b)” rating on shares of Innoviva in a research report on Friday, March 27th. Finally, Wall Street Zen downgraded shares of Innoviva from a “buy” rating to a “hold” rating in a research report on Sunday, May 17th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Innoviva currently has a consensus rating of “Moderate Buy” and an average price target of $36.20.

Innoviva Stock Performance

Shares of INVA stock opened at $22.46 on Monday. The firm has a 50 day moving average price of $22.89 and a two-hundred day moving average price of $21.68. The company has a quick ratio of 20.07, a current ratio of 21.13 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $1.66 billion, a PE ratio of 3.74 and a beta of 0.38. Innoviva, Inc. has a 12-month low of $16.52 and a 12-month high of $25.15.

Innoviva (NASDAQ:INVA) last issued its quarterly earnings data on Wednesday, May 6th. The biotechnology company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.01. The firm had revenue of $97.99 million during 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%. As a group, analysts predict that Innoviva, Inc. will post 1.96 earnings per share for the current year.

Innoviva Company 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.