Jacobs Levy Equity Management Inc. Buys New Holdings in Innoviva, Inc. $INVA

Key Points

• Jacobs Levy Equity Management Inc. has acquired a new stake in Innoviva, Inc., purchasing 119,385 shares valued at approximately $2.16 million during the first quarter, bringing their ownership to 0.19% of the company.
• Innoviva reported a quarterly earnings per share of $0.77, exceeding estimates of $0.57, along with revenue of $100.28 million, surpassing projections of $87.10 million.
• Analysts have recently upgraded Innoviva's stock rating to "strong-buy", with a consensus rating of "buy" and an average target price of $42.75 following positive earnings results.

Jacobs Levy Equity Management Inc. purchased a new stake in shares of Innoviva, Inc. (NASDAQ:INVA - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 119,385 shares of the biotechnology company's stock, valued at approximately $2,164,000. Jacobs Levy Equity Management Inc. owned approximately 0.19% of Innoviva at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Innoviva during the first quarter valued at $56,000. Farther Finance Advisors LLC boosted its position in shares of Innoviva by 10.3% during the first 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. purchased a new stake in shares of Innoviva during the first quarter valued at $189,000. Cubist Systematic Strategies LLC purchased a new stake in shares of Innoviva during the fourth quarter valued at $184,000. Finally, US Bancorp DE boosted its position in Innoviva by 356.0% in the first quarter. US Bancorp DE now owns 12,753 shares of the biotechnology company's stock worth $231,000 after purchasing an additional 9,956 shares during the last quarter. 99.12% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on INVA shares. Cantor Fitzgerald started coverage on Innoviva in a research report on Friday, July 11th. They issued an "overweight" rating and a $26.00 target price on the stock. HC Wainwright raised their target price on Innoviva from $40.00 to $45.00 and gave the stock a "buy" rating in a research report on Monday, August 11th. Oppenheimer started coverage on Innoviva in a research report on Monday, August 11th. They issued 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 research report on Saturday. Four equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $42.75.

Innoviva Stock Performance

Shares of NASDAQ INVA traded down $0.06 during trading on Friday, hitting $19.37. The company had a trading volume of 623,909 shares, compared to its average volume of 654,719. The stock has a 50 day simple moving average of $19.61 and a 200 day simple moving average of $19.08. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.44 and a current ratio of 2.64. Innoviva, Inc. has a 12 month low of $16.67 and a 12 month high of $22.00. The firm has a market capitalization of $1.22 billion, a P/E ratio of 62.49 and a beta of 0.47.

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

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.