Oliver Luxxe Assets LLC Acquires Shares of 84,671 Innoviva, Inc. $INVA

Oliver Luxxe Assets LLC bought a new position in shares of Innoviva, Inc. (NASDAQ:INVA) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 84,671 shares of the biotechnology company’s stock, valued at approximately $1,693,000.

Several other hedge funds also recently made changes to their positions in the business. Dimensional Fund Advisors LP raised its position in shares of Innoviva by 0.8% in the third quarter. Dimensional Fund Advisors LP now owns 4,330,353 shares of the biotechnology company’s stock valued at $79,034,000 after buying an additional 35,960 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its position in Innoviva by 38.1% during the third quarter. Arrowstreet Capital Limited Partnership now owns 2,358,633 shares of the biotechnology company’s stock worth $43,045,000 after buying an additional 650,151 shares in the last quarter. American Century Companies Inc. increased its stake in Innoviva by 13.8% during the 3rd quarter. American Century Companies Inc. now owns 2,351,006 shares of the biotechnology company’s stock worth $42,906,000 after acquiring an additional 284,253 shares during the period. Marshall Wace LLP increased its stake in Innoviva by 23.9% during the 3rd quarter. Marshall Wace LLP now owns 1,651,711 shares of the biotechnology company’s stock worth $30,144,000 after acquiring an additional 318,745 shares during the period. Finally, Bank of America Corp DE raised its holdings in Innoviva by 10.9% in the 2nd quarter. Bank of America Corp DE now owns 1,545,249 shares of the biotechnology company’s stock valued at $31,044,000 after acquiring an additional 151,957 shares in the last quarter. 99.12% of the stock is owned by institutional investors.

Innoviva Stock Down 1.7%

NASDAQ INVA opened at $21.71 on Friday. The business has a fifty day moving average price of $21.60 and a two-hundred day moving average price of $20.28. The stock has a market capitalization of $1.61 billion, a PE ratio of 7.12 and a beta of 0.42. 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 current ratio of 14.64 and a quick ratio of 13.85.

Innoviva (NASDAQ:INVA) last issued its quarterly earnings results on Wednesday, February 25th. The biotechnology company reported $1.94 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analysts expect that Innoviva, Inc. will post 0.33 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. BTIG Research reiterated a “buy” rating and set a $35.00 target price on shares of Innoviva in a research report on Thursday, February 26th. HC Wainwright boosted their price target on Innoviva from $45.00 to $46.00 and gave the company a “buy” rating in a research note on Tuesday, December 16th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Innoviva in a research report on Monday, December 29th. Five research 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 company presently has a consensus rating of “Moderate Buy” and a consensus price target 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.