AlphaQuest LLC Has $1.32 Million Holdings in Innoviva, Inc. $INVA

Key Points

• AlphaQuest LLC raised its stake in Innoviva, Inc. by 48.6% in Q1, now owning approximately 0.12% of the company worth $1.3 million.
• Innoviva reported a surprise earnings beat with $0.77 EPS vs. the expected $0.57, and revenue of $100.28 million exceeded analysts' expectations of $87.10 million.
• Wall Street analysts have given Innoviva an average rating of "Buy"** with an average price target of $42.75 following a downgrade from "strong-buy" to "buy".

AlphaQuest LLC raised its holdings in shares of Innoviva, Inc. (NASDAQ:INVA - Free Report) by 48.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 72,650 shares of the biotechnology company's stock after purchasing an additional 23,772 shares during the quarter. AlphaQuest LLC owned approximately 0.12% of Innoviva worth $1,317,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Martingale Asset Management L P lifted its holdings in Innoviva by 0.7% during the 1st quarter. Martingale Asset Management L P now owns 78,412 shares of the biotechnology company's stock valued at $1,422,000 after purchasing an additional 570 shares during the last quarter. BOKF NA lifted its holdings in Innoviva by 2.3% during the 4th quarter. BOKF NA now owns 28,648 shares of the biotechnology company's stock valued at $495,000 after purchasing an additional 641 shares during the last quarter. Farther Finance Advisors LLC lifted its holdings in Innoviva by 10.3% during the 1st quarter. Farther Finance Advisors LLC now owns 8,516 shares of the biotechnology company's stock valued at $153,000 after purchasing an additional 795 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Innoviva by 3.8% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 31,490 shares of the biotechnology company's stock valued at $546,000 after purchasing an additional 1,162 shares during the last quarter. Finally, Kendall Capital Management lifted its holdings in Innoviva by 4.5% during the 1st quarter. Kendall Capital Management now owns 35,115 shares of the biotechnology company's stock valued at $637,000 after purchasing an additional 1,500 shares during the last quarter. Institutional investors and hedge funds own 99.12% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Cantor Fitzgerald assumed coverage on Innoviva in a report on Friday, July 11th. They set an "overweight" rating and a $26.00 price target for the company. Oppenheimer assumed coverage on Innoviva in a report on Monday, August 11th. They set an "outperform" rating and a $45.00 price target for the company. HC Wainwright raised their price target on Innoviva from $40.00 to $45.00 and gave the company a "buy" rating in a report on Monday, August 11th. Finally, Wall Street Zen cut Innoviva from a "strong-buy" rating to a "buy" rating in a research report on Sunday. Four investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $42.75.

Innoviva Price Performance

Shares of NASDAQ INVA traded down $0.09 during mid-day trading on Wednesday, reaching $19.84. The company had a trading volume of 645,616 shares, compared to its average volume of 822,580. 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 one year low of $16.67 and a one year high of $22.00. The firm has a market cap of $1.25 billion, a price-to-earnings ratio of 64.00 and a beta of 0.38. The business's 50-day simple moving average is $19.63 and its 200 day simple moving average is $18.88.

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

Innoviva 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.