Public Sector Pension Investment Board Buys 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 grew its stake in Innoviva, Inc. (NASDAQ:INVA - Free Report) by 27.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 174,668 shares of the biotechnology company's stock after purchasing an additional 37,411 shares during the quarter. Public Sector Pension Investment Board owned approximately 0.28% of Innoviva worth $3,167,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. BOKF NA raised its position in shares of Innoviva by 2.3% in the fourth quarter. BOKF NA now owns 28,648 shares of the biotechnology company's stock valued at $495,000 after purchasing an additional 641 shares during the period. Farther Finance Advisors LLC raised its position in shares of Innoviva by 10.3% in the first quarter. Farther Finance Advisors LLC now owns 8,516 shares of the biotechnology company's stock valued at $153,000 after purchasing an additional 795 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Innoviva by 3.8% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 31,490 shares of the biotechnology company's stock valued at $546,000 after purchasing an additional 1,162 shares during the period. Kendall Capital Management raised its position in shares of Innoviva by 4.5% in the first quarter. Kendall Capital Management now owns 35,115 shares of the biotechnology company's stock valued at $637,000 after purchasing an additional 1,500 shares during the period. Finally, MetLife Investment Management LLC raised its position in shares of Innoviva by 5.2% in the fourth quarter. MetLife Investment Management LLC now owns 34,961 shares of the biotechnology company's stock valued at $607,000 after purchasing an additional 1,731 shares during the period. 99.12% of the stock is owned by institutional investors.

Analyst Ratings Changes

INVA has been the topic of several research reports. HC Wainwright upped their price target on shares of Innoviva from $40.00 to $45.00 and gave the company a "buy" rating in a research note on Monday, August 11th. Oppenheimer initiated coverage on shares of Innoviva in a research note on Monday, August 11th. They issued an "outperform" rating and a $45.00 price target on the stock. Cantor Fitzgerald initiated coverage on shares of Innoviva in a research note on Friday, July 11th. They issued an "overweight" rating and a $26.00 price target on the stock. Finally, Wall Street Zen upgraded shares of Innoviva from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 16th. Four equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, Innoviva has an average rating of "Buy" and a consensus price target of $42.75.

Innoviva Price Performance

Innoviva stock traded up $0.19 during trading hours on Friday, reaching $20.16. 521,177 shares of the stock were exchanged, compared to its average volume of 839,997. The company 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 current ratio of 2.64, a quick ratio of 2.44 and a debt-to-equity ratio of 0.36. Innoviva, Inc. has a twelve month low of $16.67 and a twelve month high of $22.00. The stock has a 50 day moving average of $19.70 and a two-hundred day moving average of $18.86.

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

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.