GSA Capital Partners LLP Purchases Shares of 34,796 Innoviva, Inc. (NASDAQ:INVA)

Key Points

• GSA Capital Partners LLP acquired 34,796 shares of Innoviva, Inc. in the first quarter, worth approximately $631,000, boosting its stake to about 0.06% of the company.
• Multiple institutional investors, including Millennium Management LLC and Farther Finance Advisors LLC, significantly increased their stakes in Innoviva during recent quarters, showing strong institutional interest in the company.
• Wall Street evaluations improved for Innoviva, with analyst ratings upgraded to "buy" from several firms, including HC Wainwright, which set a target price of $40.00.

GSA Capital Partners LLP bought a new stake in shares of Innoviva, Inc. (NASDAQ:INVA - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 34,796 shares of the biotechnology company's stock, valued at approximately $631,000. GSA Capital Partners LLP owned 0.06% of Innoviva as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC grew its stake in shares of Innoviva by 75.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 4,962 shares of the biotechnology company's stock worth $86,000 after acquiring an additional 2,128 shares in the last quarter. Farther Finance Advisors LLC increased its stake in Innoviva by 10.3% in the 1st quarter. Farther Finance Advisors LLC now owns 8,516 shares of the biotechnology company's stock valued at $153,000 after buying an additional 795 shares during the last quarter. Bailard Inc. bought a new position in shares of Innoviva during the 1st quarter worth approximately $189,000. Cubist Systematic Strategies LLC purchased a new position in shares of Innoviva in the 4th quarter worth approximately $184,000. Finally, Bridgefront Capital LLC bought a new position in shares of Innoviva in the fourth quarter valued at approximately $229,000. Institutional investors own 99.12% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on INVA. Wall Street Zen raised shares of Innoviva from a "hold" rating to a "buy" rating in a report on Wednesday, April 30th. Cantor Fitzgerald initiated coverage on Innoviva in a research report on Friday, July 11th. They set an "overweight" rating and a $26.00 price target for the company. Finally, HC Wainwright assumed coverage on shares of Innoviva in a research note on Monday, July 14th. They issued a "buy" rating and a $40.00 price target for the company.

Innoviva Price Performance

Shares of Innoviva stock traded down $0.19 during trading on Wednesday, reaching $18.25. 675,247 shares of the stock traded hands, compared to its average volume of 817,827. The business has a fifty day simple moving average of $19.93 and a two-hundred day simple moving average of $18.75. Innoviva, Inc. has a 52-week low of $16.67 and a 52-week high of $22.00. The company has a market capitalization of $1.15 billion, a price-to-earnings ratio of -18.07 and a beta of 0.38. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.48 and a quick ratio of 2.30.

Innoviva (NASDAQ:INVA - Get Free Report) last issued 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 $0.43 by $0.34. Innoviva had a positive return on equity of 15.77% and a negative net margin of 16.15%. Sell-side analysts expect that Innoviva, Inc. will post 0.33 EPS for the current year.

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.