40,810 Shares in Innoviva, Inc. (NASDAQ:INVA) Purchased by Aigen Investment Management LP

Key Points

• Aigen Investment Management LP has acquired a $740,000 stake in Innoviva, Inc. (NASDAQ:INVA), purchasing 40,810 shares and owning approximately 0.07% of the company.
• Innoviva's stock price recently saw an increase of 7.1%, reaching $19.64, with a strong performance in its last quarterly earnings, reporting an EPS of $0.77, exceeding expectations.
• Brokerages have shown optimism for Innoviva, with five analysts assigning a "buy" rating and a consensus price target of $42.75, with HC Wainwright raising their target to $45.00.

Aigen Investment Management LP acquired a new stake in shares of Innoviva, Inc. (NASDAQ:INVA - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 40,810 shares of the biotechnology company's stock, valued at approximately $740,000. Aigen Investment Management LP owned approximately 0.07% of Innoviva at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in INVA. SG Americas Securities LLC acquired a new stake in shares of Innoviva during the first quarter worth about $737,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Innoviva by 3.8% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 31,490 shares of the biotechnology company's stock worth $546,000 after purchasing an additional 1,162 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Innoviva by 2.6% during the first quarter. Principal Financial Group Inc. now owns 305,476 shares of the biotechnology company's stock worth $5,538,000 after purchasing an additional 7,700 shares during the period. Farther Finance Advisors LLC lifted its holdings in shares of Innoviva by 10.3% during the first quarter. Farther Finance Advisors LLC now owns 8,516 shares of the biotechnology company's stock worth $153,000 after purchasing an additional 795 shares during the period. Finally, Millennium Management LLC lifted its holdings in shares of Innoviva by 426.4% during the fourth quarter. Millennium Management LLC now owns 400,613 shares of the biotechnology company's stock worth $6,951,000 after purchasing an additional 324,515 shares during the period. Institutional investors and hedge funds own 99.12% of the company's stock.

Innoviva Price Performance

Shares of INVA traded up $0.04 during trading hours on Friday, hitting $20.92. 895,595 shares of the stock were exchanged, compared to its average volume of 827,388. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.44 and a current ratio of 2.64. Innoviva, Inc. has a 12-month low of $16.67 and a 12-month high of $22.00. The company has a market cap of $1.31 billion, a price-to-earnings ratio of 67.49 and a beta of 0.38. The stock's 50-day moving average price is $19.82 and its two-hundred day moving average price is $18.80.

Innoviva (NASDAQ:INVA - Get Free Report) last issued its earnings results on Wednesday, August 6th. The biotechnology company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.20. The company had revenue of $100.28 million during the quarter, compared to analysts' expectations of $87.10 million. Innoviva had a return on equity of 18.67% and a net margin of 10.44%. Research analysts expect that Innoviva, Inc. will post 0.33 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have issued reports on INVA shares. Wall Street Zen raised Innoviva from a "buy" rating to a "strong-buy" rating in a report on Saturday. Cantor Fitzgerald assumed coverage on Innoviva in a research report on Friday, July 11th. They issued an "overweight" rating and a $26.00 price objective for the company. HC Wainwright boosted their price objective on Innoviva from $40.00 to $45.00 and gave the company a "buy" rating in a research report on Monday, August 11th. Finally, Oppenheimer assumed coverage on Innoviva in a research report on Monday, August 11th. They issued an "outperform" rating and a $45.00 price objective for the company. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Innoviva currently has a consensus rating of "Buy" and a consensus target price of $42.75.

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.