Innoviva, Inc. $INVA Shares Acquired by Jennison Associates LLC

Jennison Associates LLC increased its position in shares of Innoviva, Inc. (NASDAQ:INVA) by 50.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 69,767 shares of the biotechnology company’s stock after buying an additional 23,364 shares during the period. Jennison Associates LLC owned about 0.09% of Innoviva worth $1,626,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Innoviva by 11.6% during the 4th 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 in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of 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 purchasing an additional 650,151 shares in the last quarter. Boston Partners lifted its position in shares of Innoviva by 63.6% during the 3rd quarter. Boston Partners now owns 1,431,601 shares of the biotechnology company’s stock worth $26,125,000 after purchasing an additional 556,517 shares during the last quarter. Qube Research & Technologies Ltd lifted its position in shares of Innoviva by 68.2% during the 3rd quarter. Qube Research & Technologies Ltd now owns 1,023,534 shares of the biotechnology company’s stock worth $18,679,000 after purchasing an additional 414,889 shares during the last quarter. Finally, Royce & Associates LP grew its stake in shares of Innoviva by 81.9% during the fourth quarter. Royce & Associates LP now owns 920,317 shares of the biotechnology company’s stock worth $18,397,000 after purchasing an additional 414,411 shares in the last quarter. Institutional investors and hedge funds own 99.12% of the company’s stock.

Innoviva Trading Down 0.7%

NASDAQ INVA opened at $21.43 on Thursday. The company has a debt-to-equity ratio of 0.19, a current ratio of 21.13 and a quick ratio of 20.07. The firm’s fifty day moving average price is $22.30 and its 200 day moving average price is $22.17. The company has a market capitalization of $1.58 billion, a price-to-earnings ratio of 3.57 and a beta of 0.34. Innoviva, Inc. has a 12 month low of $16.52 and a 12 month high of $25.15.

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

Analyst Upgrades and Downgrades

A number of research firms have weighed in on INVA. HC Wainwright restated a “buy” rating and issued a $46.00 price target on shares of Innoviva in a research note on Monday, June 1st. Wall Street Zen raised Innoviva from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. BTIG Research reiterated a “buy” rating and issued a $42.00 price objective on shares of Innoviva in a report on Monday, June 22nd. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Innoviva in a research report on Wednesday, June 24th. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $36.20.

Innoviva 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.