Millennium Management LLC Purchases 1,275,444 Shares of Innoviva, Inc. $INVA

Key Points

• Millennium Management LLC increased its holdings in Innoviva, Inc. by 318.4% in the first quarter, owning approximately 2.67% of the company’s shares worth around $30.4 million.
• Innoviva reported a strong quarter with $0.77 earnings per share, exceeding estimates of $0.57, and achieved a net margin of 10.44% with revenue of $100.28 million.
• Equities analysts have a positive outlook on Innoviva, with a consensus target price of $42.75 per share, reflecting several upgrades including a 'buy' rating from HC Wainwright with a price target raise to $45.00.

Millennium Management LLC grew its position in shares of Innoviva, Inc. (NASDAQ:INVA - Free Report) by 318.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,676,057 shares of the biotechnology company's stock after acquiring an additional 1,275,444 shares during the quarter. Millennium Management LLC owned 2.67% of Innoviva worth $30,387,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of INVA. Caitong International Asset Management Co. Ltd bought a new stake in shares of Innoviva during the 1st quarter worth $56,000. Farther Finance Advisors LLC raised 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 acquiring an additional 795 shares during the period. Cubist Systematic Strategies LLC bought a new stake in Innoviva in the 4th quarter valued at about $184,000. Bailard Inc. bought a new stake in Innoviva in the 1st quarter valued at about $189,000. Finally, US Bancorp DE raised its stake in Innoviva by 356.0% in the 1st quarter. US Bancorp DE now owns 12,753 shares of the biotechnology company's stock valued at $231,000 after acquiring an additional 9,956 shares during the period. 99.12% of the stock is owned by hedge funds and other institutional investors.

Innoviva Price Performance

INVA traded down $0.06 during midday trading on Friday, hitting $19.37. The stock had a trading volume of 623,909 shares, compared to its average volume of 654,719. The company has a market cap of $1.22 billion, a P/E ratio of 62.49 and a beta of 0.47. Innoviva, Inc. has a 1 year low of $16.67 and a 1 year high of $22.00. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.44 and a current ratio of 2.64. The business has a fifty day moving average of $19.61 and a 200 day moving average of $19.08.

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, beating analysts' consensus estimates of $0.57 by $0.20. The firm 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, equities analysts forecast that Innoviva, Inc. will post 0.33 earnings per share for the current fiscal year.

Analysts Set New Price Targets

INVA has been the topic of a number of research reports. Wall Street Zen cut Innoviva from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Oppenheimer started coverage on Innoviva in a research report on Monday, August 11th. They set an "outperform" rating and a $45.00 price target on the stock. Cantor Fitzgerald started coverage on Innoviva in a research report on Friday, July 11th. They set an "overweight" rating and a $26.00 price target on the stock. Finally, HC Wainwright upped their price target on Innoviva from $40.00 to $45.00 and gave the company a "buy" rating in a research report on Monday, August 11th. Four analysts have rated the stock with a Buy rating, According to MarketBeat, Innoviva has an average 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.