Sierra Summit Advisors LLC Acquires Shares of 42,393 Innoviva, Inc. $INVA

Sierra Summit Advisors LLC bought a new stake in Innoviva, Inc. (NASDAQ:INVA) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 42,393 shares of the biotechnology company’s stock, valued at approximately $774,000.

Several other institutional investors and hedge funds also recently made changes to their positions in INVA. Rafferty Asset Management LLC purchased a new stake in Innoviva in the 3rd quarter worth about $189,000. American Century Companies Inc. lifted its holdings in Innoviva by 13.8% during the third quarter. American Century Companies Inc. now owns 2,351,006 shares of the biotechnology company’s stock valued at $42,906,000 after purchasing an additional 284,253 shares during the last quarter. Hohimer Wealth Management LLC bought a new position in Innoviva during the third quarter worth about $216,000. AXQ Capital LP purchased a new position in shares of Innoviva in the third quarter worth about $201,000. Finally, NewEdge Wealth LLC increased its stake in shares of Innoviva by 22.7% in the third quarter. NewEdge Wealth LLC now owns 45,822 shares of the biotechnology company’s stock worth $835,000 after purchasing an additional 8,472 shares in the last quarter. Institutional investors own 99.12% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on INVA shares. Cantor Fitzgerald increased their target price on Innoviva from $29.00 to $31.00 and gave the stock an “overweight” rating in a research report on Thursday, November 6th. Weiss Ratings restated a “buy (b)” rating on shares of Innoviva in a research note on Monday, December 29th. BTIG Research reiterated a “buy” rating and set a $35.00 price target on shares of Innoviva in a research report on Thursday. HC Wainwright raised their price objective on shares of Innoviva from $45.00 to $46.00 and gave the company a “buy” rating in a research report on Tuesday, December 16th. Finally, Zacks Research lowered shares of Innoviva from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 6th. Six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $38.17.

Innoviva Stock Performance

Shares of INVA opened at $22.96 on Monday. Innoviva, Inc. has a 12-month low of $16.52 and a 12-month high of $25.15. The company has a current ratio of 14.64, a quick ratio of 13.85 and a debt-to-equity ratio of 0.22. The company has a market cap of $1.72 billion, a PE ratio of 7.53 and a beta of 0.42. The stock has a 50-day moving average price of $20.87 and a 200-day moving average price of $20.08.

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

About Innoviva

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.