Cubist Systematic Strategies LLC Boosts Holdings in Innoviva, Inc. $INVA

Key Points

• Cubist Systematic Strategies LLC significantly increased its stake in Innoviva, Inc. by 3,422.1% during the first quarter, owning 373,770 shares valued at $6,776,000.
• Several other hedge funds also boosted their holdings in Innoviva, indicating strong institutional support as they own 99.12% of the company's stock.
• Innoviva reported earnings of $0.77 per share, surpassing analyst estimates and achieving a revenue of $100.28 million for the quarter.

Cubist Systematic Strategies LLC lifted its stake in shares of Innoviva, Inc. (NASDAQ:INVA - Free Report) by 3,422.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 373,770 shares of the biotechnology company's stock after purchasing an additional 363,158 shares during the quarter. Cubist Systematic Strategies LLC owned 0.60% of Innoviva worth $6,776,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. SG Americas Securities LLC bought a new stake in shares of Innoviva during the 1st quarter valued at approximately $737,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew 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 worth $546,000 after acquiring an additional 1,162 shares during the last quarter. Principal Financial Group Inc. grew its holdings in Innoviva by 2.6% during the 1st quarter. Principal Financial Group Inc. now owns 305,476 shares of the biotechnology company's stock worth $5,538,000 after acquiring an additional 7,700 shares during the last quarter. Farther Finance Advisors LLC grew 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 worth $153,000 after acquiring an additional 795 shares during the last quarter. Finally, US Bancorp DE grew its holdings in Innoviva by 356.0% during the 1st quarter. US Bancorp DE now owns 12,753 shares of the biotechnology company's stock worth $231,000 after acquiring an additional 9,956 shares during the last quarter. 99.12% of the stock is owned by institutional investors.

Innoviva Stock Down 2.1%

NASDAQ INVA traded down $0.44 on Friday, hitting $20.48. 950,155 shares of the company were exchanged, compared to its average volume of 743,277. The company has a market cap of $1.29 billion, a PE ratio of 66.07 and a beta of 0.47. Innoviva, Inc. has a 12 month low of $16.67 and a 12 month high of $22.00. The stock has a fifty day moving average of $19.58 and a 200-day moving average of $19.02. The company has a current ratio of 2.64, a quick ratio of 2.44 and a debt-to-equity ratio of 0.36.

Innoviva (NASDAQ:INVA - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The biotechnology company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.20. The firm had revenue of $100.28 million for the quarter, compared to the consensus estimate of $87.10 million. Innoviva had a net margin of 10.44% and a return on equity of 18.67%. As a group, analysts forecast that Innoviva, Inc. will post 0.33 earnings per share for the current year.

Wall Street Analyst Weigh In

INVA has been the topic of a number of research reports. Wall Street Zen raised shares of Innoviva from a "buy" rating to a "strong-buy" rating in a report on Monday, September 1st. Oppenheimer initiated coverage on shares of Innoviva in a report on Monday, August 11th. They set an "outperform" rating and a $45.00 target price on the stock. HC Wainwright boosted their target price on shares of Innoviva from $40.00 to $45.00 and gave the stock a "buy" rating in a report on Monday, August 11th. Finally, Cantor Fitzgerald initiated coverage on shares of Innoviva in a report on Friday, July 11th. They set an "overweight" rating and a $26.00 target price on the stock. Four investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $42.75.

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.