Innoviva, Inc. $INVA Stake Lessened by Healthcare of Ontario Pension Plan Trust Fund

Healthcare of Ontario Pension Plan Trust Fund cut its stake in Innoviva, Inc. (NASDAQ:INVA) by 79.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 68,000 shares of the biotechnology company’s stock after selling 262,757 shares during the period. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Innoviva were worth $1,584,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in INVA. Jennison Associates LLC acquired a new position in shares of Innoviva during the 4th quarter valued at $928,000. Universal Beteiligungs und Servicegesellschaft mbH raised its stake 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 worth $3,457,000 after buying 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 $6,428,000. Hussman Strategic Advisors Inc. lifted its holdings 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 buying an additional 63,000 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in Innoviva by 1.7% during the first quarter. Dimensional Fund Advisors LP now owns 4,436,427 shares of the biotechnology company’s stock valued at $103,366,000 after buying an additional 76,026 shares in the last quarter. Institutional investors and hedge funds own 99.12% of the company’s stock.

Innoviva Stock Performance

Shares of NASDAQ INVA opened at $20.97 on Friday. The company has a quick ratio of 20.07, a current ratio of 21.13 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $1.55 billion, a price-to-earnings ratio of 3.49 and a beta of 0.34. The stock’s fifty day simple moving average is $22.19 and its 200 day simple moving average is $22.24. Innoviva, Inc. has a 52-week low of $16.52 and a 52-week high of $25.15.

Innoviva (NASDAQ:INVA) last announced its earnings results on Wednesday, May 6th. The biotechnology company reported $0.44 earnings per share (EPS) for the quarter, topping 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 company had revenue of $97.99 million for the quarter, compared to analyst estimates of $101.57 million. As a group, sell-side analysts forecast that Innoviva, Inc. will post 2.2 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on INVA shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Innoviva in a research report on Wednesday, June 24th. Wall Street Zen lowered shares of Innoviva from a “buy” rating to a “hold” rating in a research report on Saturday. HC Wainwright reaffirmed a “buy” rating and issued a $46.00 price objective on shares of Innoviva in a research note on Monday, June 1st. Finally, BTIG Research reiterated a “buy” rating and issued a $42.00 target price on shares of Innoviva in a report on Monday, June 22nd. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price 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.