Algert Global LLC Makes New $237,000 Investment in Innoviva, Inc. $INVA

Key Points

• Algert Global LLC acquired 13,090 shares of Innoviva, Inc. valued at approximately $237,000 during the first quarter, highlighting continued institutional interest in the biotechnology company.
• Innoviva recently reported $0.77 earnings per share, exceeding analysts' expectations, with a revenue of $100.28 million for the quarter.
• Analysts have set a consensus price target of $42.75 for Innoviva shares, with ratings ranging from "Buy" to "Overweight" from various research firms.

Algert Global LLC bought a new position in shares of Innoviva, Inc. (NASDAQ:INVA - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 13,090 shares of the biotechnology company's stock, valued at approximately $237,000.

Several other large investors have also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its position in Innoviva by 4.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,919,518 shares of the biotechnology company's stock worth $85,354,000 after buying an additional 226,592 shares during the period. Systematic Financial Management LP lifted its position in Innoviva by 2.5% during the fourth quarter. Systematic Financial Management LP now owns 2,029,069 shares of the biotechnology company's stock worth $35,204,000 after buying an additional 49,996 shares during the period. American Century Companies Inc. lifted its position in Innoviva by 17.6% during the first quarter. American Century Companies Inc. now owns 1,675,697 shares of the biotechnology company's stock worth $30,380,000 after buying an additional 251,382 shares during the period. D. E. Shaw & Co. Inc. lifted its position in Innoviva by 28.1% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 842,647 shares of the biotechnology company's stock worth $14,620,000 after buying an additional 184,595 shares during the period. Finally, Northern Trust Corp lifted its position in Innoviva by 4.0% during the fourth quarter. Northern Trust Corp now owns 679,044 shares of the biotechnology company's stock worth $11,781,000 after buying an additional 26,429 shares during the period. 99.12% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently weighed in on INVA shares. Wall Street Zen downgraded Innoviva from a "strong-buy" rating to a "buy" rating in a research report on Sunday. Oppenheimer initiated coverage on Innoviva in a research note on Monday, August 11th. They set an "outperform" rating and a $45.00 price target for the company. HC Wainwright upped their price target on Innoviva from $40.00 to $45.00 and gave the stock a "buy" rating in a research note on Monday, August 11th. Finally, Cantor Fitzgerald initiated coverage on Innoviva in a research note on Friday, July 11th. They set an "overweight" rating and a $26.00 price target for the company. Four analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Innoviva presently has an average rating of "Buy" and a consensus price target of $42.75.

Innoviva Stock Up 1.0%

Shares of INVA stock traded up $0.19 during trading hours on Thursday, reaching $20.03. The company had a trading volume of 510,842 shares, compared to its average volume of 820,988. 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 twelve month low of $16.67 and a twelve month high of $22.00. The company has a market capitalization of $1.26 billion, a P/E ratio of 64.61 and a beta of 0.38. The stock's fifty day simple moving average is $19.57 and its 200 day simple moving average is $18.90.

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

Innoviva Company Profile

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.