Innoviva, Inc. $INVA Shares Purchased by Principal Financial Group Inc.

Key Points

• Principal Financial Group increased its stake in Innoviva by 23.5% in the first quarter, buying 79,625 more shares and bringing its total holdings to 418,731 shares worth about $9.76 million.
• Other institutional investors also added to or initiated positions in INVA, and hedge funds and institutions now own 99.12% of the company’s shares.
• Innoviva reported Q1 earnings of $0.44 per share, edging past estimates, while analysts currently rate the stock a Moderate Buy with a consensus price target of $36.20.

Principal Financial Group Inc. boosted its stake in Innoviva, Inc. (NASDAQ:INVA - Free Report) by 23.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 418,731 shares of the biotechnology company's stock after acquiring an additional 79,625 shares during the period. Principal Financial Group Inc. owned about 0.57% of Innoviva worth $9,756,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of INVA. EverSource Wealth Advisors LLC increased 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 worth $48,000 after purchasing an additional 1,795 shares in the last quarter. Danske Bank A S purchased a new position in Innoviva during the 3rd quarter worth approximately $55,000. Mirae Asset Global Investments Co. Ltd. grew its stake in Innoviva by 49.1% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,633 shares of the biotechnology company's stock worth $73,000 after buying an additional 1,197 shares during the last quarter. Lazard Asset Management LLC acquired a new position in Innoviva during the second quarter worth approximately $92,000. Finally, Ensign Peak Advisors Inc acquired a new position in Innoviva during the fourth quarter worth approximately $115,000. Institutional investors and hedge funds own 99.12% of the company's stock.

Innoviva Stock Up 1.1%

Shares of Innoviva stock opened at $21.44 on Friday. The company has a market cap of $1.58 billion, a P/E ratio of 3.57 and a beta of 0.34. 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 one year low of $16.52 and a one year high of $25.15. The firm has a fifty day moving average of $22.26 and a two-hundred day moving average of $22.18.

Innoviva (NASDAQ:INVA - Get Free Report) last issued its earnings results on Wednesday, May 6th. The biotechnology company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.01. Innoviva had a net margin of 119.89% and a return on equity of 33.33%. The business had revenue of $97.99 million for the quarter, compared to the consensus estimate of $101.57 million. On average, analysts forecast that Innoviva, Inc. will post 2.2 earnings per share for the current year.

Analysts Set New Price Targets

INVA has been the subject of a number of research reports. HC Wainwright reiterated a "buy" rating and issued a $46.00 price objective on shares of Innoviva in a research note on Monday, June 1st. Weiss Ratings restated a "buy (b)" rating on shares of Innoviva in a research report on Wednesday, June 24th. BTIG Research reaffirmed a "buy" rating and issued a $42.00 target price on shares of Innoviva in a report on Monday, June 22nd. Finally, Wall Street Zen upgraded shares of Innoviva from a "hold" rating to a "buy" rating in a research report on Saturday, June 6th. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus 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.

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