Public Sector Pension Investment Board Acquires 37,411 Shares of Innoviva, Inc. $INVA

Key Points

• The Public Sector Pension Investment Board increased its stake in Innoviva, Inc. by 27.3%, owning approximately $3.17 million worth of shares as of the latest SEC filing.
• Innoviva reported a quarterly earnings per share of $0.77, surpassing estimates and showcasing a revenue of $100.28 million against analyst expectations of $87.10 million.
• Wall Street analysts are optimistic about Innoviva, with ratings of "buy" and "strong-buy", and an average target price of $42.75 for the stock.

Public Sector Pension Investment Board lifted its holdings in shares of Innoviva, Inc. (NASDAQ:INVA - Free Report) by 27.3% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 174,668 shares of the biotechnology company's stock after buying an additional 37,411 shares during the period. Public Sector Pension Investment Board owned about 0.28% of Innoviva worth $3,167,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the business. Dimensional Fund Advisors LP raised its holdings in shares of Innoviva by 4.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,919,518 shares of the biotechnology company's stock worth $85,354,000 after buying an additional 226,592 shares in the last quarter. Systematic Financial Management LP raised its holdings in shares of Innoviva by 2.5% during the 4th quarter. Systematic Financial Management LP now owns 2,029,069 shares of the biotechnology company's stock worth $35,204,000 after buying an additional 49,996 shares in the last quarter. D. E. Shaw & Co. Inc. raised its holdings in shares of Innoviva by 28.1% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 842,647 shares of the biotechnology company's stock worth $14,620,000 after buying an additional 184,595 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Innoviva by 4.0% during the 4th quarter. Northern Trust Corp now owns 679,044 shares of the biotechnology company's stock worth $11,781,000 after buying an additional 26,429 shares in the last quarter. Finally, Man Group plc raised its holdings in shares of Innoviva by 20.2% during the 4th quarter. Man Group plc now owns 486,869 shares of the biotechnology company's stock worth $8,447,000 after buying an additional 81,891 shares in the last quarter. Institutional investors and hedge funds own 99.12% of the company's stock.

Innoviva Trading Up 1.0%

Shares of NASDAQ INVA traded up $0.19 during trading on Friday, reaching $20.16. The company had a trading volume of 521,177 shares, compared to its average volume of 821,777. The company's fifty day moving average price is $19.70 and its 200-day moving average price is $18.87. Innoviva, Inc. has a 12 month low of $16.67 and a 12 month high of $22.00. The stock has a market cap of $1.27 billion, a P/E ratio of 65.03 and a beta of 0.38. The company has a quick ratio of 2.44, a current ratio of 2.64 and a debt-to-equity ratio of 0.36.

Innoviva (NASDAQ:INVA - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The biotechnology company reported $0.77 EPS for the quarter, beating analysts' consensus estimates of $0.57 by $0.20. Innoviva had a return on equity of 18.67% and a net margin of 10.44%.The firm had revenue of $100.28 million for the quarter, compared to analyst estimates of $87.10 million. As a group, research analysts expect that Innoviva, Inc. will post 0.33 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have commented on INVA. HC Wainwright increased their target price on Innoviva from $40.00 to $45.00 and gave the company a "buy" rating in a research report on Monday, August 11th. Cantor Fitzgerald assumed coverage on Innoviva in a research note on Friday, July 11th. They set an "overweight" rating and a $26.00 price target on the stock. Oppenheimer assumed coverage on Innoviva in a research note on Monday, August 11th. They set an "outperform" rating and a $45.00 price target on the stock. Finally, Wall Street Zen lowered Innoviva from a "strong-buy" rating to a "buy" rating in a research note on Sunday. Four research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $42.75.

Innoviva Company Profile

Innoviva, Inc engages in the development and commercialization of pharmaceutical products in the United States and internationally. The company's products include RELVAR/BREO ELLIPTA, a once-daily combination medicine consisting of a LABA, vilanterol (VI), an inhaled corticosteroid (ICS), and fluticasone furoate; ANORO ELLIPTA, a once-daily medicine combining a long-acting muscarinic antagonist (LAMA) and umeclidinium bromide (UMEC) with a LABA, VI; GIAPREZA (angiotensin II), a vasoconstrictor to increase blood pressure in adults with septic or other distributive shock; XERAVA (eravacycline) for the treatment of complicated intra-abdominal infections in adults; and XACDURO, a beta lactamase inhibitor for the treatment of hospital-acquired bacterial pneumonia and ventilator-associated bacterial pneumonia.