Innoviva, Inc. $INVA Shares Purchased by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership raised its stake in Innoviva, Inc. (NASDAQ:INVA) by 85.3% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,708,482 shares of the biotechnology company’s stock after buying an additional 786,409 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 2.72% of Innoviva worth $34,323,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Parallel Advisors LLC raised its position in shares of Innoviva by 157.5% during the second quarter. Parallel Advisors LLC now owns 1,849 shares of the biotechnology company’s stock worth $37,000 after purchasing an additional 1,131 shares during the period. Elevation Point Wealth Partners LLC purchased a new position in Innoviva in the 2nd quarter worth about $43,000. Caitong International Asset Management Co. Ltd purchased a new position in Innoviva in the 1st quarter worth about $56,000. Hantz Financial Services Inc. lifted its stake in Innoviva by 4,715.6% during the second quarter. Hantz Financial Services Inc. now owns 4,623 shares of the biotechnology company’s stock valued at $93,000 after buying an additional 4,527 shares in the last quarter. Finally, Ameritas Investment Partners Inc. boosted its holdings in shares of Innoviva by 18.6% in the second quarter. Ameritas Investment Partners Inc. now owns 6,429 shares of the biotechnology company’s stock worth $129,000 after buying an additional 1,007 shares during the period. 99.12% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

INVA has been the topic of a number of recent analyst reports. Wall Street Zen upgraded shares of Innoviva from a “buy” rating to a “strong-buy” rating in a report on Saturday, October 25th. HC Wainwright boosted their target price on shares of Innoviva from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, August 11th. Zacks Research lowered Innoviva from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 6th. Cantor Fitzgerald lifted their price target on Innoviva from $29.00 to $31.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Innoviva in a research report on Monday. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $38.60.

Innoviva Price Performance

NASDAQ INVA opened at $20.74 on Friday. The company has a quick ratio of 13.33, a current ratio of 14.12 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $1.55 billion, a PE ratio of 15.14 and a beta of 0.47. Innoviva, Inc. has a 12-month low of $16.52 and a 12-month high of $22.76. The company has a 50 day moving average price of $19.33 and a two-hundred day moving average price of $19.65.

Innoviva (NASDAQ:INVA) last released its quarterly earnings results on Wednesday, November 5th. The biotechnology company reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.62. The business had revenue of $107.80 million for the quarter, compared to the consensus estimate of $91.31 million. Innoviva had a net margin of 32.78% and a return on equity of 28.17%. As a group, equities analysts predict that Innoviva, Inc. will post 0.33 earnings per share for the current fiscal year.

About Innoviva

Innoviva, Inc engages in the development and commercialization of pharmaceutical products in the United States and internationally. The company’s products include RELVAR/BREO ELLIPTA, a once-daily combination medicine consisting of a LABA, vilanterol (VI), an inhaled corticosteroid (ICS), and fluticasone furoate; ANORO ELLIPTA, a once-daily medicine combining a long-acting muscarinic antagonist (LAMA) and umeclidinium bromide (UMEC) with a LABA, VI; GIAPREZA (angiotensin II), a vasoconstrictor to increase blood pressure in adults with septic or other distributive shock; XERAVA (eravacycline) for the treatment of complicated intra-abdominal infections in adults; and XACDURO, a beta lactamase inhibitor for the treatment of hospital-acquired bacterial pneumonia and ventilator-associated bacterial pneumonia.