Empowered Funds LLC Purchases 93,424 Shares of Innoviva, Inc. $INVA

Key Points

• Empowered Funds LLC more than doubled its Innoviva stake in the first quarter, purchasing 93,424 additional shares for a total of 168,055 shares valued at approximately $3.9 million. Institutional investors collectively own 99.12% of the company.
• Analyst sentiment remains positive overall, with five Buy ratings, one Hold and one Sell. Innoviva has a consensus rating of Moderate Buy and an average price target of $36.20.
• Innoviva recently reported quarterly EPS of $0.44, slightly exceeding estimates, although revenue of $97.99 million fell short of expectations. Shares opened at $20.97, compared with a 12-month range of $16.52 to $25.15.

Empowered Funds LLC increased its holdings in shares of Innoviva, Inc. (NASDAQ:INVA - Free Report) by 125.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 168,055 shares of the biotechnology company's stock after acquiring an additional 93,424 shares during the period. Empowered Funds LLC owned about 0.23% of Innoviva worth $3,916,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Creative Planning increased its stake in shares of Innoviva by 0.8% in the third quarter. Creative Planning now owns 61,365 shares of the biotechnology company's stock valued at $1,120,000 after buying an additional 461 shares in the last quarter. Bailard Inc. lifted its position in Innoviva by 4.7% during the 4th quarter. Bailard Inc. now owns 10,933 shares of the biotechnology company's stock worth $219,000 after buying an additional 492 shares in the last quarter. Verition Fund Management LLC lifted its position in Innoviva by 0.3% during the 3rd quarter. Verition Fund Management LLC now owns 175,855 shares of the biotechnology company's stock worth $3,209,000 after buying an additional 527 shares in the last quarter. Parallel Advisors LLC grew its holdings in Innoviva by 82.8% during the 1st quarter. Parallel Advisors LLC now owns 1,179 shares of the biotechnology company's stock worth $27,000 after acquiring an additional 534 shares during the last quarter. Finally, Bank of Montreal Can grew its holdings in Innoviva by 3.8% during the 4th quarter. Bank of Montreal Can now owns 14,742 shares of the biotechnology company's stock worth $295,000 after acquiring an additional 540 shares during the last quarter. Institutional investors own 99.12% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Wall Street Zen downgraded shares of Innoviva from a "buy" rating to a "hold" rating in a research note on Saturday. Weiss Ratings reissued a "buy (b)" rating on shares of Innoviva in a research note on Wednesday, June 24th. BTIG Research reissued a "buy" rating and issued a $42.00 price target on shares of Innoviva in a report on Monday, June 22nd. Finally, HC Wainwright restated a "buy" rating and issued a $46.00 price objective on shares of Innoviva in a research report on Monday, June 1st. 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. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $36.20.

Innoviva Price Performance

Shares of INVA stock opened at $20.97 on Monday. The stock has a 50-day moving average price of $22.19 and a 200 day moving average price of $22.26. 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 firm has a market cap of $1.55 billion, a price-to-earnings ratio of 3.49 and a beta of 0.35. Innoviva, Inc. has a 12 month low of $16.52 and a 12 month high of $25.15.

Innoviva (NASDAQ:INVA - Get Free Report) last released 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 company had revenue of $97.99 million for 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%. Research analysts expect that Innoviva, Inc. will post 2.2 EPS 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.

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