Louisiana State Employees Retirement System Acquires New Holdings in Innoviva, Inc. $INVA

Louisiana State Employees Retirement System purchased a new stake in shares of Innoviva, Inc. (NASDAQ:INVA) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 31,500 shares of the biotechnology company’s stock, valued at approximately $734,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in INVA. EverSource Wealth Advisors LLC increased its stake in Innoviva by 297.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,398 shares of the biotechnology company’s stock valued at $48,000 after buying an additional 1,795 shares during the period. Danske Bank A S acquired a new position in Innoviva during the third quarter worth $55,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in Innoviva by 49.1% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,633 shares of the biotechnology company’s stock valued at $73,000 after buying an additional 1,197 shares in the last quarter. Lazard Asset Management LLC acquired a new stake in shares of Innoviva in the second quarter worth $92,000. Finally, Ensign Peak Advisors Inc bought a new stake in Innoviva in the 4th quarter valued at $115,000. Institutional investors and hedge funds own 99.12% of the company’s stock.

Analysts Set New Price Targets

INVA has been the subject of several analyst reports. HC Wainwright restated a “buy” rating and set a $46.00 target price on shares of Innoviva in a research report on Monday, June 1st. BTIG Research reaffirmed a “buy” rating and issued a $42.00 target price on shares of Innoviva in a report on Monday, June 22nd. Weiss Ratings reissued a “buy (b)” rating on shares of Innoviva in a report on Wednesday, June 24th. Finally, Wall Street Zen raised shares of Innoviva from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Innoviva presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.20.

Innoviva Price Performance

NASDAQ INVA traded up $0.32 on Tuesday, hitting $22.14. 29,129 shares of the company were exchanged, compared to its average volume of 766,855. The company has a current ratio of 21.13, a quick ratio of 20.07 and a debt-to-equity ratio of 0.19. The company has a market cap of $1.63 billion, a P/E ratio of 3.68 and a beta of 0.34. Innoviva, Inc. has a 1-year low of $16.52 and a 1-year high of $25.15. The firm has a 50 day moving average of $22.55 and a two-hundred day moving average of $22.00.

Innoviva (NASDAQ:INVA) last released its earnings results on Wednesday, May 6th. The biotechnology company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.43 by $0.01. The company had revenue of $97.99 million during the quarter, compared to analysts’ expectations of $101.57 million. Innoviva had a return on equity of 33.33% and a net margin of 119.89%. On average, equities analysts predict that Innoviva, Inc. will post 2.2 EPS for the current year.

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.