New Vernon Capital Holdings II LLC Has $4.31 Million Stake in Innoviva, Inc. $INVA

Key Points

• New Vernon Capital Holdings II LLC increased its stake in Innoviva, Inc. by an impressive 1,713.0%, owning 237,902 shares valued at approximately $4.3 million as of the last SEC filing.
• Analysts are optimistic about Innoviva's future, with target prices raised to $45.00 by multiple firms, suggesting a strong potential for growth.
• Innoviva reported a quarterly EPS of $0.77, surpassing estimates and indicating robust revenue of $100.28 million against expected figures of $87.10 million.

New Vernon Capital Holdings II LLC raised its stake in Innoviva, Inc. (NASDAQ:INVA - Free Report) by 1,713.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 237,902 shares of the biotechnology company's stock after buying an additional 224,780 shares during the period. New Vernon Capital Holdings II LLC owned approximately 0.38% of Innoviva worth $4,313,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Systematic Financial Management LP grew its position in Innoviva by 2.1% during the 1st quarter. Systematic Financial Management LP now owns 2,071,253 shares of the biotechnology company's stock worth $37,552,000 after purchasing an additional 42,184 shares in the last quarter. Millennium Management LLC grew its position in Innoviva by 318.4% during the 1st quarter. Millennium Management LLC now owns 1,676,057 shares of the biotechnology company's stock worth $30,387,000 after purchasing an additional 1,275,444 shares in the last quarter. American Century Companies Inc. grew its position in Innoviva by 17.6% during the 1st quarter. American Century Companies Inc. now owns 1,675,697 shares of the biotechnology company's stock worth $30,380,000 after purchasing an additional 251,382 shares in the last quarter. D. E. Shaw & Co. Inc. grew its position in Innoviva by 28.1% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 842,647 shares of the biotechnology company's stock worth $14,620,000 after purchasing an additional 184,595 shares in the last quarter. Finally, Northern Trust Corp grew its position in Innoviva by 4.0% during the 4th quarter. Northern Trust Corp now owns 679,044 shares of the biotechnology company's stock worth $11,781,000 after purchasing an additional 26,429 shares in the last quarter. Institutional investors own 99.12% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on INVA. Cantor Fitzgerald began coverage on shares of Innoviva in a research report on Friday, July 11th. They set an "overweight" rating and a $26.00 price objective on the stock. HC Wainwright boosted their price target on shares of Innoviva from $40.00 to $45.00 and gave the company a "buy" rating in a report on Monday, August 11th. Oppenheimer initiated coverage on shares of Innoviva in a report on Monday, August 11th. They set an "outperform" rating and a $45.00 price target on the stock. Finally, Wall Street Zen upgraded shares of Innoviva from a "buy" rating to a "strong-buy" rating in a report on Monday, September 1st. Four analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $42.75.

Innoviva Stock Down 1.7%

Shares of INVA stock traded down $0.35 on Wednesday, hitting $19.84. The company's stock had a trading volume of 175,615 shares, compared to its average volume of 812,372. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.64 and a quick ratio of 2.44. Innoviva, Inc. has a fifty-two week low of $16.67 and a fifty-two week high of $22.00. The firm's fifty day moving average price is $19.60 and its 200-day moving average price is $19.05. The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of 63.99 and a beta of 0.47.

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 (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.20. Innoviva had a net margin of 10.44% and a return on equity of 18.67%. The business had revenue of $100.28 million during the quarter, compared to analyst estimates of $87.10 million. Research analysts anticipate that Innoviva, Inc. will post 0.33 EPS 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.