Innoviva, Inc. $INVA Shares Sold by Healthcare of Ontario Pension Plan Trust Fund

Healthcare of Ontario Pension Plan Trust Fund lowered its holdings in Innoviva, Inc. (NASDAQ:INVA) by 79.4% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 68,000 shares of the biotechnology company’s stock after selling 262,757 shares during the period. Healthcare of Ontario Pension Plan Trust Fund owned about 0.09% of Innoviva worth $1,584,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of INVA. Oak Associates Ltd. OH acquired a new stake in shares of Innoviva during the 1st quarter worth approximately $476,000. Sei Investments Co. lifted its holdings in shares of Innoviva by 50.7% in 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 during the last quarter. State of Wyoming boosted its position in 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 purchasing an additional 2,763 shares during the period. Cetera Investment Advisers grew its stake in Innoviva by 34.1% during the 1st quarter. Cetera Investment Advisers now owns 45,340 shares of the biotechnology company’s stock worth $1,056,000 after buying an additional 11,524 shares during the last quarter. Finally, NewEdge Wealth LLC grew its stake in Innoviva by 53.0% during the 1st quarter. NewEdge Wealth LLC now owns 77,134 shares of the biotechnology company’s stock worth $1,797,000 after buying an additional 26,732 shares during the last quarter. 99.12% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have issued reports on INVA. 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 restated a “buy” rating and set a $46.00 price target on shares of Innoviva in a research report on Monday, June 1st. Wall Street Zen lowered shares of Innoviva from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Innoviva in a research note on Wednesday, June 24th. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $36.20.

Innoviva Stock Down 1.2%

Shares of Innoviva stock opened at $20.97 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 21.13 and a quick ratio of 20.07. Innoviva, Inc. has a 1-year low of $16.52 and a 1-year high of $25.15. The business’s fifty day moving average price is $22.19 and its two-hundred day moving average price is $22.24. The company has a market capitalization of $1.55 billion, a P/E ratio of 3.49 and a beta of 0.34.

Innoviva (NASDAQ:INVA) last released its quarterly earnings results on Wednesday, May 6th. The biotechnology company reported $0.44 earnings per share (EPS) for the quarter, topping 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%. As a group, research analysts forecast that Innoviva, Inc. will post 2.2 EPS for the current year.

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.