Innoviva, Inc. (NASDAQ:INVA) Shares Purchased by Swiss National Bank

Posted by Defense World Staff on May 26th, 2023

Swiss National Bank lifted its holdings in Innoviva, Inc. (NASDAQ:INVA – Get Rating) by 2.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 151,500 shares of the biotechnology company’s stock after acquiring an additional 3,600 shares during the quarter. Swiss National Bank owned 0.22% of Innoviva worth $2,007,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. BlackRock Inc. increased its stake in shares of Innoviva by 0.9% in the third quarter. BlackRock Inc. now owns 10,185,548 shares of the biotechnology company’s stock worth $118,253,000 after acquiring an additional 92,620 shares during the period. Vanguard Group Inc. boosted its holdings in Innoviva by 0.4% during the third quarter. Vanguard Group Inc. now owns 6,997,953 shares of the biotechnology company’s stock worth $81,247,000 after buying an additional 27,003 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Innoviva by 8.8% during the third quarter. Dimensional Fund Advisors LP now owns 2,936,119 shares of the biotechnology company’s stock worth $34,091,000 after buying an additional 237,843 shares in the last quarter. State Street Corp boosted its holdings in Innoviva by 0.6% during the third quarter. State Street Corp now owns 2,470,894 shares of the biotechnology company’s stock worth $28,687,000 after buying an additional 13,786 shares in the last quarter. Finally, Systematic Financial Management LP boosted its holdings in Innoviva by 26.8% during the third quarter. Systematic Financial Management LP now owns 1,838,741 shares of the biotechnology company’s stock worth $21,348,000 after buying an additional 388,755 shares in the last quarter.

Insider Transactions at Innoviva

In other Innoviva news, major shareholder Alexander J. Denner purchased 50,000 shares of the firm’s stock in a transaction dated Wednesday, May 17th. The shares were purchased at an average cost of $13.07 per share, with a total value of $653,500.00. Following the completion of the purchase, the insider now owns 6,954,000 shares in the company, valued at approximately $90,888,780. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Pavel Raifeld acquired 3,000 shares of the business’s stock in a transaction that occurred on Friday, March 10th. The stock was purchased at an average cost of $10.87 per share, for a total transaction of $32,610.00. Following the completion of the transaction, the chief executive officer now owns 9,799 shares in the company, valued at $106,515.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Alexander J. Denner acquired 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 17th. The shares were purchased at an average price of $13.07 per share, with a total value of $653,500.00. Following the completion of the transaction, the insider now owns 6,954,000 shares of the company’s stock, valued at approximately $90,888,780. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 343,000 shares of company stock valued at $4,264,710. Corporate insiders own 0.89% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on INVA shares. Morgan Stanley lowered their price target on shares of Innoviva from $13.00 to $10.00 and set an “underweight” rating on the stock in a report on Friday, March 3rd. TheStreet downgraded shares of Innoviva from a “b-” rating to a “c+” rating in a report on Thursday, February 23rd. EF Hutton Acquisition Co. I reissued a “buy” rating and set a $22.50 price target on shares of Innoviva in a report on Thursday, April 20th. The Goldman Sachs Group decreased their price objective on shares of Innoviva from $15.00 to $13.00 and set a “neutral” rating on the stock in a report on Friday, March 3rd. Finally, StockNews.com raised shares of Innoviva from a “hold” rating to a “buy” rating in a report on Thursday, May 11th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Innoviva presently has an average rating of “Hold” and an average price target of $15.17.

Innoviva Stock Performance

INVA opened at $13.13 on Friday. The company has a quick ratio of 6.47, a current ratio of 7.77 and a debt-to-equity ratio of 0.79. The company has a market cap of $916.25 million, a price-to-earnings ratio of 5.73 and a beta of 0.56. Innoviva, Inc. has a 52-week low of $10.64 and a 52-week high of $15.67. The firm’s fifty day simple moving average is $11.94 and its two-hundred day simple moving average is $12.45.

Innoviva (NASDAQ:INVA – Get Rating) last posted its quarterly earnings data on Tuesday, February 28th. The biotechnology company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.16). The company had revenue of $65.80 million for the quarter, compared to analysts’ expectations of $98.31 million. Innoviva had a net margin of 73.36% and a return on equity of 18.46%.

Innoviva Company Profile

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Innoviva, Inc is engaged in the development, commercialization, and financial management of biopharmaceuticals. Its portfolio includes Relvar Breo Ellipta, which is a once-daily combination medicine consisting of a long-acting beta2 agonist, vilanterol, and an inhaled corticosteroid, fluticasone furoate, and Anoro Ellipta, a once-daily medicine combining a long-acting muscarinic antagonist, umeclidinium bromide, LABA, VI.