Orion Porfolio Solutions LLC Raises Stock Position in Innoviva, Inc. $INVA

Orion Porfolio Solutions LLC raised its position in Innoviva, Inc. (NASDAQ:INVA) by 28.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 101,858 shares of the biotechnology company’s stock after purchasing an additional 22,412 shares during the quarter. Orion Porfolio Solutions LLC’s holdings in Innoviva were worth $1,859,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Royal Bank of Canada increased its holdings in shares of Innoviva by 81.1% during the 1st quarter. Royal Bank of Canada now owns 21,530 shares of the biotechnology company’s stock worth $389,000 after buying an additional 9,639 shares during the last quarter. AQR Capital Management LLC raised its position in shares of Innoviva by 17.8% during the 1st quarter. AQR Capital Management LLC now owns 167,456 shares of the biotechnology company’s stock valued at $3,036,000 after buying an additional 25,317 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Innoviva by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,882 shares of the biotechnology company’s stock valued at $596,000 after acquiring an additional 1,392 shares during the last quarter. NewEdge Advisors LLC acquired a new position in Innoviva in the first quarter valued at approximately $243,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Innoviva by 21.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 171,116 shares of the biotechnology company’s stock worth $3,102,000 after acquiring an additional 30,792 shares during the period. Hedge funds and other institutional investors own 99.12% of the company’s stock.

Innoviva Stock Performance

NASDAQ:INVA opened at $22.42 on Thursday. Innoviva, Inc. has a fifty-two week low of $16.52 and a fifty-two week high of $25.15. The company has a debt-to-equity ratio of 0.22, a quick ratio of 13.85 and a current ratio of 14.64. The company has a 50 day moving average price of $21.28 and a 200 day moving average price of $20.19. The stock has a market capitalization of $1.66 billion, a P/E ratio of 7.35 and a beta of 0.42.

Innoviva (NASDAQ:INVA) last announced its earnings results on Wednesday, February 25th. The biotechnology company reported $1.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $1.60. Innoviva had a return on equity of 37.63% and a net margin of 65.92%.The company had revenue of $114.61 million for the quarter, compared to analyst estimates of $102.62 million. Equities research analysts forecast that Innoviva, Inc. will post 0.33 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have issued reports on INVA shares. Weiss Ratings reissued a “buy (b)” rating on shares of Innoviva in a research note on Monday, December 29th. HC Wainwright increased their price target on Innoviva from $45.00 to $46.00 and gave the stock a “buy” rating in a report on Tuesday, December 16th. Finally, BTIG Research reissued a “buy” rating and set a $35.00 price objective on shares of Innoviva in a research report on Thursday, February 26th. Five 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.80.

Innoviva Company 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.