Louisiana State Employees Retirement System Takes $734,000 Position in Innoviva, Inc. $INVA

Louisiana State Employees Retirement System acquired a new stake in Innoviva, Inc. (NASDAQ:INVA) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 31,500 shares of the biotechnology company’s stock, valued at approximately $734,000.

Other hedge funds have also added to or reduced their stakes in the company. Oliver Luxxe Assets LLC bought a new stake in shares of Innoviva in the fourth quarter worth about $1,693,000. Orion Porfolio Solutions LLC lifted its holdings in shares of Innoviva by 28.2% during the 3rd quarter. Orion Porfolio Solutions LLC now owns 101,858 shares of the biotechnology company’s stock valued at $1,859,000 after purchasing an additional 22,412 shares in the last quarter. Jennison Associates LLC acquired a new position in shares of Innoviva in the 4th quarter valued at approximately $928,000. Universal Beteiligungs und Servicegesellschaft mbH increased its stake in Innoviva by 49.9% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 173,119 shares of the biotechnology company’s stock worth $3,457,000 after purchasing an additional 57,616 shares in the last quarter. Finally, Hussman Strategic Advisors Inc. raised its holdings in Innoviva by 150.0% during the 4th quarter. Hussman Strategic Advisors Inc. now owns 105,000 shares of the biotechnology company’s stock worth $2,099,000 after buying an additional 63,000 shares during the period. Institutional investors and hedge funds own 99.12% of the company’s stock.

Innoviva Stock Up 1.4%

Shares of NASDAQ INVA traded up $0.32 during midday trading on Tuesday, reaching $22.14. The company’s stock had a trading volume of 29,129 shares, compared to its average volume of 766,855. The stock has a 50 day simple moving average of $22.55 and a 200-day simple moving average of $22.00. The company has a current ratio of 21.13, a quick ratio of 20.07 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $1.63 billion, a price-to-earnings ratio of 3.68 and a beta of 0.34. Innoviva, Inc. has a fifty-two week low of $16.52 and a fifty-two week high of $25.15.

Innoviva (NASDAQ:INVA) last released its earnings results on Wednesday, May 6th. The biotechnology company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.01. Innoviva had a net margin of 119.89% and a return on equity of 33.33%. The business had revenue of $97.99 million during the quarter, compared to the consensus estimate of $101.57 million. Equities research analysts predict that Innoviva, Inc. will post 2.2 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on INVA. Weiss Ratings reiterated a “buy (b)” rating on shares of Innoviva in a report on Wednesday, June 24th. BTIG Research reaffirmed a “buy” rating and issued a $42.00 price objective on shares of Innoviva in a research report on Monday, June 22nd. Wall Street Zen raised shares of Innoviva from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. Finally, HC Wainwright reiterated a “buy” rating and set a $46.00 target price on shares of Innoviva in a report on Monday, June 1st. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Innoviva presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.20.

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.