GAMMA Investing LLC Boosts Holdings in Innoviva, Inc. (NASDAQ:INVA)

GAMMA Investing LLC raised its holdings in Innoviva, Inc. (NASDAQ:INVA - Free Report) by 1,751.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 81,549 shares of the biotechnology company's stock after buying an additional 77,145 shares during the quarter. GAMMA Investing LLC owned about 0.13% of Innoviva worth $14,780,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in INVA. American Century Companies Inc. increased its holdings in shares of Innoviva by 35.2% during the fourth quarter. American Century Companies Inc. now owns 1,424,315 shares of the biotechnology company's stock valued at $24,712,000 after acquiring an additional 370,795 shares in the last quarter. Millennium Management LLC grew its position in Innoviva by 426.4% during the 4th 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 last quarter. Hsbc Holdings PLC acquired a new position in Innoviva during the 4th quarter valued at approximately $5,437,000. Jefferies Financial Group Inc. increased its stake in Innoviva by 355.8% during the 4th quarter. Jefferies Financial Group Inc. now owns 296,238 shares of the biotechnology company's stock valued at $5,140,000 after purchasing an additional 231,238 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Innoviva by 4.8% in 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 last quarter. 99.12% of the stock is currently owned by hedge funds and other institutional investors.

Innoviva Price Performance

Shares of INVA stock traded up $0.11 during trading hours on Monday, reaching $21.69. The company had a trading volume of 590,782 shares, compared to its average volume of 662,250. Innoviva, Inc. has a 12-month low of $15.56 and a 12-month high of $21.80. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.64 and a current ratio of 1.79. The company has a market capitalization of $1.36 billion, a price-to-earnings ratio of 31.44 and a beta of 0.37. The stock has a fifty day moving average of $18.61 and a 200-day moving average of $18.27.

Innoviva (NASDAQ:INVA - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The biotechnology company reported $0.25 earnings per share for the quarter. Innoviva had a return on equity of 20.84% and a net margin of 18.31%. The company had revenue of $88.63 million for the quarter. On average, equities analysts anticipate that Innoviva, Inc. will post 0.33 earnings per share for the current year.

Wall Street Analyst Weigh In

INVA has been the subject of several research analyst reports. Wall Street Zen upgraded Innoviva from a "hold" rating to a "buy" rating in a research note on Wednesday, April 30th. Scotiabank began coverage on Innoviva in a research note on Friday, March 7th. They set a "sector outperform" rating and a $55.00 target price for the company.

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.