Edgestream Partners L.P. bought a new position in Innoviva, Inc. (NASDAQ:INVA - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The fund bought 132,225 shares of the biotechnology company's stock, valued at approximately $3,081,000. Edgestream Partners L.P. owned 0.18% of Innoviva as of its most recent filing with the SEC.
Other large investors have also recently modified their holdings of the company. Royal Bank of Canada lifted its position in Innoviva by 81.1% in the first quarter. Royal Bank of Canada now owns 21,530 shares of the biotechnology company's stock worth $389,000 after buying an additional 9,639 shares during the last quarter. AQR Capital Management LLC increased its position in Innoviva by 17.8% during the first quarter. AQR Capital Management LLC now owns 167,456 shares of the biotechnology company's stock valued at $3,036,000 after acquiring an additional 25,317 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Innoviva by 4.4% during 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 acquiring an additional 1,392 shares during the last quarter. NewEdge Advisors LLC purchased a new stake in shares of Innoviva in the first quarter valued at $243,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Innoviva by 21.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 171,116 shares of the biotechnology company's stock valued at $3,102,000 after acquiring an additional 30,792 shares during the period. Institutional investors own 99.12% of the company's stock.
Wall Street Analysts Forecast Growth
A number of equities analysts recently commented on the stock. Wall Street Zen cut shares of Innoviva from a "buy" rating to a "hold" rating in a research note on Saturday. HC Wainwright reissued a "buy" rating and issued a $46.00 price objective on shares of Innoviva in a research report on Monday, June 1st. Weiss Ratings reissued a "buy (b)" rating on shares of Innoviva in a research report on Wednesday, June 24th. Finally, BTIG Research reissued a "buy" rating and issued a $42.00 price objective on shares of Innoviva in a research note on Monday, June 22nd. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $36.20.
Read Our Latest Research Report on Innoviva
Innoviva Stock Performance
INVA stock opened at $20.97 on Friday. Innoviva, Inc. has a twelve month low of $16.52 and a twelve month high of $25.15. The firm has a market cap of $1.55 billion, a price-to-earnings ratio of 3.49 and a beta of 0.34. The business's fifty day simple moving average is $22.19 and its two-hundred day simple moving average is $22.24. The company has a quick ratio of 20.07, a current ratio of 21.13 and a debt-to-equity ratio of 0.19.
Innoviva (NASDAQ:INVA - Get Free Report) last issued its earnings results 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. The firm had revenue of $97.99 million during the quarter, compared to analyst estimates of $101.57 million. Innoviva had a net margin of 119.89% and a return on equity of 33.33%. Analysts predict that Innoviva, Inc. will post 2.2 earnings per share for the current year.
About Innoviva
(
Free Report)
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.
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