Quantbot Technologies LP Lowers Stake in Innoviva, Inc. $INVA

Quantbot Technologies LP cut its stake in Innoviva, Inc. (NASDAQ:INVA) by 67.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 41,916 shares of the biotechnology company’s stock after selling 86,834 shares during the period. Quantbot Technologies LP owned about 0.07% of Innoviva worth $765,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in INVA. Elevation Point Wealth Partners LLC purchased a new stake in Innoviva in the 2nd quarter valued at about $43,000. 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 acquiring an additional 1,795 shares during the period. Asset Management One Co. Ltd. purchased a new position in shares of Innoviva during the third quarter worth approximately $60,000. Toth Financial Advisory Corp bought a new stake in shares of Innoviva during the third quarter valued at approximately $63,000. Finally, Lazard Asset Management LLC bought a new stake in shares of Innoviva during the second quarter valued at approximately $92,000. Hedge funds and other institutional investors own 99.12% of the company’s stock.

Innoviva Stock Performance

Shares of Innoviva stock opened at $22.03 on Friday. The firm has a market capitalization of $1.63 billion, a P/E ratio of 7.22 and a beta of 0.42. The company has a quick ratio of 13.85, a current ratio of 14.64 and a debt-to-equity ratio of 0.22. The company has a 50 day moving average price of $21.13 and a 200 day moving average price of $20.14. Innoviva, Inc. has a 52 week low of $16.52 and a 52 week high of $25.15.

Innoviva (NASDAQ:INVA) last released its earnings results on Wednesday, February 25th. The biotechnology company reported $1.94 earnings per share for the quarter, topping the consensus estimate of $0.34 by $1.60. Innoviva had a net margin of 65.92% and a return on equity of 37.63%. The company had revenue of $114.61 million for the quarter, compared to the consensus estimate of $102.62 million. Sell-side analysts expect that Innoviva, Inc. will post 0.33 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on INVA. BTIG Research reissued a “buy” rating and issued a $35.00 price objective on shares of Innoviva in a research note on Thursday, February 26th. HC Wainwright lifted their target price on Innoviva from $45.00 to $46.00 and gave the company a “buy” rating in a research report on Tuesday, December 16th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Innoviva in a report on Monday, December 29th. Five investment 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $34.80.

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.