State of Alaska Department of Revenue Acquires 21,424 Shares of Innoviva, Inc. $INVA

State of Alaska Department of Revenue lifted its holdings in shares of Innoviva, Inc. (NASDAQ:INVA) by 71.1% during the 4th quarter, Holdings Channel reports. The firm owned 51,549 shares of the biotechnology company’s stock after purchasing an additional 21,424 shares during the quarter. State of Alaska Department of Revenue’s holdings in Innoviva were worth $1,029,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Dimensional Fund Advisors LP boosted its position in shares of Innoviva by 0.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 4,330,353 shares of the biotechnology company’s stock valued at $79,034,000 after purchasing an additional 35,960 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of Innoviva by 38.1% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,358,633 shares of the biotechnology company’s stock worth $43,045,000 after purchasing an additional 650,151 shares in the last quarter. American Century Companies Inc. boosted its position in shares of Innoviva by 13.8% during the 3rd quarter. American Century Companies Inc. now owns 2,351,006 shares of the biotechnology company’s stock worth $42,906,000 after purchasing an additional 284,253 shares in the last quarter. Marshall Wace LLP boosted its position in shares of Innoviva by 23.9% during the 3rd quarter. Marshall Wace LLP now owns 1,651,711 shares of the biotechnology company’s stock worth $30,144,000 after purchasing an additional 318,745 shares in the last quarter. Finally, Bank of America Corp DE boosted its position in shares of Innoviva by 10.9% during the 2nd quarter. Bank of America Corp DE now owns 1,545,249 shares of the biotechnology company’s stock worth $31,044,000 after purchasing an additional 151,957 shares in the last quarter. Institutional investors own 99.12% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on INVA shares. Weiss Ratings reissued a “buy (b)” rating on shares of Innoviva in a research report on Friday, March 27th. BTIG Research reissued a “buy” rating and set a $35.00 price objective on shares of Innoviva in a research report on Thursday, February 26th. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Innoviva presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.80.

Innoviva Price Performance

Shares of NASDAQ INVA opened at $23.61 on Wednesday. Innoviva, Inc. has a fifty-two week low of $16.52 and a fifty-two week high of $25.15. The stock has a market cap of $1.75 billion, a price-to-earnings ratio of 7.74 and a beta of 0.40. The company has a debt-to-equity ratio of 0.22, a quick ratio of 13.85 and a current ratio of 14.64. The firm’s 50-day simple moving average is $22.96 and its 200 day simple moving average is $20.91.

Innoviva (NASDAQ:INVA) last announced its quarterly earnings results on Wednesday, February 25th. The biotechnology company reported $1.94 earnings per share for the quarter, beating the consensus estimate of $0.34 by $1.60. Innoviva had a net margin of 65.92% and a return on equity of 37.63%. The business had revenue of $114.61 million for the quarter, compared to analysts’ expectations of $102.62 million. As a group, research analysts anticipate that Innoviva, Inc. will post 1.99 earnings per share for the current fiscal year.

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.