Arrowstreet Capital Limited Partnership Has $43.98 Million Stock Holdings in Innoviva, Inc. $INVA

Arrowstreet Capital Limited Partnership trimmed its position in shares of Innoviva, Inc. (NASDAQ:INVA) by 19.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,887,570 shares of the biotechnology company’s stock after selling 470,165 shares during the period. Arrowstreet Capital Limited Partnership owned about 2.55% of Innoviva worth $43,980,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Oak Associates Ltd. OH acquired a new position in Innoviva in the 1st quarter worth about $476,000. Sei Investments Co. raised its stake in shares of Innoviva by 50.7% during the 1st quarter. Sei Investments Co. now owns 131,205 shares of the biotechnology company’s stock worth $3,057,000 after purchasing an additional 44,142 shares in the last quarter. State of Wyoming lifted its holdings in shares of Innoviva by 26.5% during the 1st quarter. State of Wyoming now owns 13,193 shares of the biotechnology company’s stock valued at $307,000 after buying an additional 2,763 shares during the last quarter. Cetera Investment Advisers lifted its holdings in shares of Innoviva by 34.1% during the 1st quarter. Cetera Investment Advisers now owns 45,340 shares of the biotechnology company’s stock valued at $1,056,000 after buying an additional 11,524 shares during the last quarter. Finally, NewEdge Wealth LLC grew its stake in shares of Innoviva by 53.0% in the 1st quarter. NewEdge Wealth LLC now owns 77,134 shares of the biotechnology company’s stock valued at $1,797,000 after buying an additional 26,732 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 $21.30 on Tuesday. The business’s 50-day simple moving average is $22.24 and its 200-day simple moving average is $22.21. The company has a debt-to-equity ratio of 0.19, a quick ratio of 20.07 and a current ratio of 21.13. Innoviva, Inc. has a 52 week low of $16.52 and a 52 week high of $25.15. The firm has a market cap of $1.57 billion, a price-to-earnings ratio of 3.54 and a beta of 0.34.

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

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on INVA shares. Wall Street Zen upgraded Innoviva from a “hold” rating to a “buy” rating in a report on Saturday, June 6th. BTIG Research reiterated a “buy” rating and issued a $42.00 target price on shares of Innoviva in a research note on Monday, June 22nd. HC Wainwright reissued a “buy” rating and issued a $46.00 target price on shares of Innoviva in a research report on Monday, June 1st. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Innoviva in a research report on Wednesday, June 24th. Five equities research 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’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $36.20.

About Innoviva

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.