Pictet Asset Management Ltd. Invests $2.63 Million in Innoviva, Inc. (INVA) Stock

Pictet Asset Management Ltd. purchased a new position in shares of Innoviva, Inc. (NASDAQ:INVA) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 186,200 shares of the biotechnology company’s stock, valued at approximately $2,629,000. Pictet Asset Management Ltd. owned 0.17% of Innoviva as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also bought and sold shares of INVA. Alps Advisors Inc. boosted its holdings in shares of Innoviva by 0.3% during the second quarter. Alps Advisors Inc. now owns 38,232 shares of the biotechnology company’s stock worth $489,000 after acquiring an additional 99 shares during the period. Aperio Group LLC boosted its holdings in shares of Innoviva by 2.0% during the second quarter. Aperio Group LLC now owns 20,651 shares of the biotechnology company’s stock worth $264,000 after acquiring an additional 398 shares during the period. Texas Permanent School Fund boosted its holdings in shares of Innoviva by 1.0% during the second quarter. Texas Permanent School Fund now owns 56,687 shares of the biotechnology company’s stock worth $726,000 after acquiring an additional 552 shares during the period. Municipal Employees Retirement System of Michigan boosted its holdings in shares of Innoviva by 4.0% during the second quarter. Municipal Employees Retirement System of Michigan now owns 18,300 shares of the biotechnology company’s stock worth $234,000 after acquiring an additional 710 shares during the period. Finally, Profund Advisors LLC boosted its holdings in shares of Innoviva by 8.8% during the second quarter. Profund Advisors LLC now owns 15,220 shares of the biotechnology company’s stock worth $195,000 after acquiring an additional 1,227 shares during the period. Institutional investors and hedge funds own 69.59% of the company’s stock.

A number of equities research analysts have recently issued reports on INVA shares. Cowen and Company set a $16.00 price objective on Innoviva and gave the stock a “buy” rating in a report on Monday, October 23rd. ValuEngine upgraded Innoviva from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. Zacks Investment Research upgraded Innoviva from a “hold” rating to a “buy” rating and set a $16.00 price objective for the company in a report on Wednesday, October 25th. Robert W. Baird restated a “hold” rating and set a $13.00 price objective on shares of Innoviva in a report on Tuesday, October 24th. Finally, Stifel Nicolaus restated a “hold” rating and set a $15.00 price objective on shares of Innoviva in a report on Friday, July 28th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. Innoviva currently has a consensus rating of “Hold” and a consensus price target of $13.60.

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Shares of Innoviva, Inc. (INVA) opened at $12.60 on Tuesday. The company has a debt-to-equity ratio of -2.59, a current ratio of 6.71 and a quick ratio of 6.71. Innoviva, Inc. has a 1 year low of $10.07 and a 1 year high of $14.87. The firm has a market cap of $1,359.91, a P/E ratio of 14.47 and a beta of 2.51.

Innoviva (NASDAQ:INVA) last released its quarterly earnings results on Wednesday, October 25th. The biotechnology company reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.13). Innoviva had a net margin of 52.91% and a negative return on equity of 33.55%. The business had revenue of $48.64 million during the quarter, compared to analyst estimates of $57.18 million. During the same quarter in the previous year, the firm posted $0.13 earnings per share. The firm’s quarterly revenue was up 46.0% on a year-over-year basis. analysts predict that Innoviva, Inc. will post 1.08 EPS for the current year.

Innoviva Profile

Innoviva, Inc, formerly Theravance, Inc, is engaged in the development, commercialization and financial management of bio-pharmaceuticals. It focuses on the respiratory assets partnered with Glaxo Group Limited (GSK), including RELVAR/BREO ELLIPTA (fluticasone furoate (FF)/vilanterol (VI)) and ANORO ELLIPTA (umeclidinium bromide/vilanterol (UMEC/VI)).

Institutional Ownership by Quarter for Innoviva (NASDAQ:INVA)

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