Systematic Financial Management LP Grows Stock Position in Innoviva, Inc. $INVA

Key Points

• Systematic Financial Management LP increased its stake in Innoviva, Inc. by 2.1% in the first quarter, owning 2,071,253 shares, which constitutes about 1.1% of its total holdings.
• Innoviva reported $0.77 earnings per share, exceeding expectations of $0.57, with revenues reaching $100.28 million during the last quarter.
• Several analysts have recently given Innoviva a Buy rating, with average price targets ranging up to $45.00, indicating strong confidence in the stock's growth potential.

Systematic Financial Management LP raised its position in Innoviva, Inc. (NASDAQ:INVA - Free Report) by 2.1% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,071,253 shares of the biotechnology company's stock after acquiring an additional 42,184 shares during the quarter. Innoviva makes up 1.1% of Systematic Financial Management LP's portfolio, making the stock its 22nd biggest holding. Systematic Financial Management LP owned 3.30% of Innoviva worth $37,552,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd bought a new position in shares of Innoviva in the first quarter worth about $56,000. Tower Research Capital LLC TRC raised its stake in shares of Innoviva by 75.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 4,962 shares of the biotechnology company's stock worth $86,000 after buying an additional 2,128 shares during the period. Farther Finance Advisors LLC raised its stake in shares of Innoviva by 10.3% in the first quarter. Farther Finance Advisors LLC now owns 8,516 shares of the biotechnology company's stock worth $153,000 after buying an additional 795 shares during the period. Bailard Inc. bought a new position in shares of Innoviva in the first quarter worth about $189,000. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Innoviva in the fourth quarter worth about $184,000. Institutional investors own 99.12% of the company's stock.

Analyst Upgrades and Downgrades

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

Innoviva Stock Performance

Shares of 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. Innoviva, Inc. has a 52-week low of $16.67 and a 52-week high of $22.00. The company has a quick ratio of 2.44, a current ratio of 2.64 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $1.25 billion, a P/E ratio of 64.00 and a beta of 0.38. The stock has a 50 day moving average of $19.63 and a two-hundred day moving average of $18.88.

Innoviva (NASDAQ:INVA - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The biotechnology company reported $0.77 earnings per share (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 the consensus estimate of $87.10 million. On average, analysts expect that Innoviva, Inc. will post 0.33 earnings per share for the current year.

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.