Jennison Associates LLC Buys New Shares in Innoviva, Inc. $INVA

Key Points

• Jennison Associates LLC opened a new Q4 position in Innoviva (NASDAQ:INVA), buying 46,403 shares valued at about $928,000, equal to roughly 0.06% of the company.
• Institutional ownership stands at ~99.12%, with major funds (Vanguard now 7.92M shares/~$158.3M, Arrowstreet, Boston Partners, Royce, Qube) materially increasing their stakes over recent quarters.
• Innoviva posted a strong quarterly beat—EPS $1.94 vs. $0.34 forecast and revenue $114.6M vs. $102.6M—and the stock carries a "Moderate Buy" consensus with a price target of $34.80.

Jennison Associates LLC purchased a new position in shares of Innoviva, Inc. (NASDAQ:INVA - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 46,403 shares of the biotechnology company's stock, valued at approximately $928,000. Jennison Associates LLC owned about 0.06% of Innoviva as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of 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 buying an additional 819,757 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position 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 worth $43,045,000 after buying an additional 650,151 shares during the last quarter. Boston Partners boosted its stake in Innoviva by 63.6% in the third quarter. Boston Partners now owns 1,431,601 shares of the biotechnology company's stock worth $26,125,000 after buying an additional 556,517 shares in the last quarter. Royce & Associates LP boosted its stake in Innoviva by 641.2% in the third quarter. Royce & Associates LP now owns 505,906 shares of the biotechnology company's stock worth $9,233,000 after buying an additional 437,654 shares in the last quarter. Finally, Qube Research & Technologies Ltd grew 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 valued at $18,679,000 after acquiring an additional 414,889 shares during the last quarter. 99.12% of the stock is currently owned by hedge funds and other institutional investors.

Innoviva Stock Performance

NASDAQ INVA opened at $23.11 on Monday. The firm has a market cap of $1.71 billion, a PE ratio of 7.58 and a beta of 0.38. Innoviva, Inc. has a 1-year low of $16.52 and a 1-year high of $25.15. The stock has a 50-day moving average of $23.01 and a 200-day moving average of $21.21. The company has a current ratio of 14.64, a quick ratio of 13.85 and a debt-to-equity ratio of 0.22.

Innoviva (NASDAQ:INVA - Get Free Report) last posted its quarterly earnings results on Wednesday, February 25th. The biotechnology company reported $1.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $1.60. The business had revenue of $114.61 million for the quarter, compared to analyst estimates of $102.62 million. Innoviva had a return on equity of 37.63% and a net margin of 65.92%. As a group, sell-side analysts forecast that Innoviva, Inc. will post 1.99 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on INVA shares. Weiss Ratings reissued a "buy (b)" rating on shares of Innoviva in a research note on Friday, March 27th. BTIG Research reaffirmed a "buy" rating and issued a $35.00 price objective on shares of Innoviva in a research note on Thursday, February 26th. 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 stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $34.80.

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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