Innoviva, Inc. $INVA Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. boosted its holdings in Innoviva, Inc. (NASDAQ:INVA) by 23.5% in the 1st quarter, HoldingsChannel reports. The fund owned 418,731 shares of the biotechnology company’s stock after acquiring an additional 79,625 shares during the quarter. Principal Financial Group Inc.’s holdings in Innoviva were worth $9,756,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Jennison Associates LLC acquired a new position in shares of Innoviva during the 4th quarter worth $928,000. Universal Beteiligungs und Servicegesellschaft mbH increased its holdings in shares of Innoviva by 49.9% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 173,119 shares of the biotechnology company’s stock valued at $3,457,000 after purchasing an additional 57,616 shares in the last quarter. Hsbc Holdings PLC acquired a new stake in shares of Innoviva in the fourth quarter valued at about $6,428,000. Hussman Strategic Advisors Inc. lifted its stake in shares of Innoviva by 150.0% in the fourth quarter. Hussman Strategic Advisors Inc. now owns 105,000 shares of the biotechnology company’s stock valued at $2,099,000 after purchasing an additional 63,000 shares during the period. Finally, Legato Capital Management LLC purchased a new stake in Innoviva during the fourth quarter worth about $1,425,000. Institutional investors and hedge funds own 99.12% of the company’s stock.

Innoviva Trading Up 1.1%

Shares of INVA opened at $21.44 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 21.13 and a quick ratio of 20.07. Innoviva, Inc. has a 1-year low of $16.52 and a 1-year high of $25.15. The stock has a market cap of $1.58 billion, a price-to-earnings ratio of 3.57 and a beta of 0.34. The firm has a 50 day simple moving average of $22.26 and a 200-day simple moving average of $22.18.

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

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Innoviva in a research report on Wednesday, June 24th. Wall Street Zen upgraded shares of Innoviva from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. HC Wainwright reissued a “buy” rating and set a $46.00 price target on shares of Innoviva in a research note on Monday, June 1st. Finally, BTIG Research restated a “buy” rating and issued 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 assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock 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.