Innoviva, Inc. $INVA Shares Sold by Renaissance Technologies LLC

Key Points

• Renaissance Technologies trimmed its Innoviva stake by 3.7% in the first quarter, selling 154,540 shares and leaving it with 4,055,632 shares valued at about $94.5 million.
• Innoviva reported Q1 earnings of $0.44 per share, slightly beating analyst expectations, though revenue of $97.99 million came in below forecasts.
• Analysts remain generally positive on the stock, with a Moderate Buy consensus and a target price of $36.20, well above its recent trading price near $21.44.

Renaissance Technologies LLC lessened its position in Innoviva, Inc. (NASDAQ:INVA - Free Report) by 3.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,055,632 shares of the biotechnology company's stock after selling 154,540 shares during the quarter. Renaissance Technologies LLC owned approximately 5.49% of Innoviva worth $94,496,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in Innoviva by 11.6% during the 4th quarter. Vanguard Group Inc. now owns 7,917,103 shares of the biotechnology company's stock valued at $158,263,000 after acquiring an additional 819,757 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in Innoviva by 38.1% during the third quarter. Arrowstreet Capital Limited Partnership now owns 2,358,633 shares of the biotechnology company's stock worth $43,045,000 after purchasing an additional 650,151 shares during the period. Boston Partners increased its stake in Innoviva by 63.6% during the third quarter. Boston Partners now owns 1,431,601 shares of the biotechnology company's stock worth $26,125,000 after purchasing an additional 556,517 shares during the period. Qube Research & Technologies Ltd lifted its position in shares of 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 purchasing an additional 414,889 shares in the last quarter. Finally, Royce & Associates LP lifted its position in shares of Innoviva by 81.9% during the fourth quarter. Royce & Associates LP now owns 920,317 shares of the biotechnology company's stock worth $18,397,000 after purchasing an additional 414,411 shares in the last quarter. Institutional investors and hedge funds own 99.12% of the company's stock.

Innoviva Stock Performance

Shares of INVA opened at $21.44 on Friday. The company has a market capitalization of $1.58 billion, a price-to-earnings ratio of 3.57 and a beta of 0.34. Innoviva, Inc. has a 52-week low of $16.52 and a 52-week high of $25.15. 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 stock has a 50 day moving average price of $22.26 and a 200 day moving average price of $22.18.

Innoviva (NASDAQ:INVA - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The biotechnology company reported $0.44 earnings per share for the quarter, topping analysts' consensus estimates of $0.43 by $0.01. The company had revenue of $97.99 million for the quarter, compared to analysts' expectations of $101.57 million. Innoviva had a net margin of 119.89% and a return on equity of 33.33%. Research analysts predict that Innoviva, Inc. will post 2.2 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Weiss Ratings restated a "buy (b)" rating on shares of Innoviva in a report on Wednesday, June 24th. BTIG Research reiterated a "buy" rating and issued a $42.00 price objective on shares of Innoviva in a research note on Monday, June 22nd. Wall Street Zen raised shares of Innoviva from a "hold" rating to a "buy" rating in a research report on Saturday, June 6th. Finally, HC Wainwright reaffirmed a "buy" rating and set 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 issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $36.20.

About Innoviva

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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