NewEdge Wealth LLC Purchases 26,732 Shares of Innoviva, Inc. $INVA

NewEdge Wealth LLC raised its holdings in shares of Innoviva, Inc. (NASDAQ:INVA) by 53.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 77,134 shares of the biotechnology company’s stock after acquiring an additional 26,732 shares during the quarter. NewEdge Wealth LLC owned approximately 0.10% of Innoviva worth $1,797,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in shares of Innoviva by 11.6% during the fourth quarter. Vanguard Group Inc. now owns 7,917,103 shares of the biotechnology company’s stock worth $158,263,000 after acquiring an additional 819,757 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Innoviva by 1.7% during the first quarter. Dimensional Fund Advisors LP now owns 4,436,427 shares of the biotechnology company’s stock valued at $103,366,000 after acquiring an additional 76,026 shares in the last quarter. State Street Corp increased its holdings in Innoviva by 9.4% in the 4th quarter. State Street Corp now owns 2,796,820 shares of the biotechnology company’s stock valued at $55,908,000 after acquiring an additional 239,848 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in Innoviva by 38.1% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,358,633 shares of the biotechnology company’s stock valued at $43,045,000 after acquiring an additional 650,151 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in Innoviva by 11.3% in the 4th quarter. Geode Capital Management LLC now owns 1,752,438 shares of the biotechnology company’s stock worth $35,038,000 after purchasing an additional 178,238 shares in the last quarter. 99.12% of the stock is owned by hedge funds and other institutional investors.

Innoviva Stock Performance

INVA opened at $21.44 on Monday. The stock has a 50-day moving average of $22.26 and a 200 day moving average of $22.19. The company has a current ratio of 21.13, a quick ratio of 20.07 and a debt-to-equity ratio of 0.19. Innoviva, Inc. has a 12 month low of $16.52 and a 12 month high of $25.15. The firm has a market cap of $1.58 billion, a P/E ratio of 3.57 and a beta of 0.34.

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

Wall Street Analyst Weigh In

Several research firms have commented on INVA. HC Wainwright reissued a “buy” rating and set a $46.00 price objective on shares of Innoviva in a report on Monday, June 1st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Innoviva in a report on Wednesday, June 24th. Wall Street Zen upgraded Innoviva from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. Finally, BTIG Research restated a “buy” rating and set a $42.00 price target on shares of Innoviva in a report on Monday, June 22nd. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Innoviva currently has an average 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.