Nuveen LLC Buys New Shares in Innoviva, Inc. $INVA

Key Points

• Nuveen LLC has acquired a new stake in Innoviva, Inc., purchasing 403,021 shares valued at approximately $7.3 million, bringing its total ownership to 0.64% as of the latest SEC filing.
• Analysts have issued a mixed outlook on Innoviva, with Oppenheimer and HC Wainwright rating it as "outperform" and "buy", respectively, while Wall Street Zen downgraded it from "strong-buy" to "buy".
• Innoviva reported strong quarterly earnings, with an EPS of $0.77 surpassing estimates, and revenue of $100.28 million, exceeding analyst expectations of $87.10 million.

Nuveen LLC bought a new position in shares of Innoviva, Inc. (NASDAQ:INVA - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 403,021 shares of the biotechnology company's stock, valued at approximately $7,307,000. Nuveen LLC owned about 0.64% of Innoviva as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its position in shares of Innoviva by 4.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,919,518 shares of the biotechnology company's stock worth $85,354,000 after acquiring an additional 226,592 shares during the last quarter. Systematic Financial Management LP boosted its position in shares of Innoviva by 2.5% in the 4th quarter. Systematic Financial Management LP now owns 2,029,069 shares of the biotechnology company's stock worth $35,204,000 after purchasing an additional 49,996 shares during the last quarter. D. E. Shaw & Co. Inc. boosted its position in shares of Innoviva by 28.1% in 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 during the last quarter. Northern Trust Corp boosted its position in shares of Innoviva by 4.0% in 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 during the last quarter. Finally, Man Group plc boosted its position in shares of Innoviva by 20.2% in the 4th quarter. Man Group plc now owns 486,869 shares of the biotechnology company's stock worth $8,447,000 after purchasing an additional 81,891 shares during the last quarter. Institutional investors own 99.12% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on INVA shares. HC Wainwright raised their price target 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 price target on the stock. Cantor Fitzgerald started coverage on Innoviva in a research report on Friday, July 11th. They issued an "overweight" rating and a $26.00 price target on the stock. Finally, Wall Street Zen lowered Innoviva from a "strong-buy" rating to a "buy" rating in a research report on Sunday. Four research analysts have rated the stock with a Buy rating, According to MarketBeat, the company has an average rating of "Buy" and an average target price of $42.75.

Innoviva Stock Up 1.0%

INVA traded up $0.19 during trading on Thursday, hitting $20.03. The company had a trading volume of 510,842 shares, compared to its average volume of 820,679. The company has a market capitalization of $1.26 billion, a PE ratio of 64.61 and a beta of 0.38. Innoviva, Inc. has a one year low of $16.67 and a one year high of $22.00. The firm's 50-day moving average price is $19.59 and its 200 day moving average price is $18.89. The company has a quick ratio of 2.44, a current ratio of 2.64 and a debt-to-equity ratio of 0.36.

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, beating the consensus estimate of $0.57 by $0.20. The business had revenue of $100.28 million for the quarter, compared to analysts' expectations of $87.10 million. Innoviva had a net margin of 10.44% and a return on equity of 18.67%. As a group, equities analysts expect that Innoviva, Inc. will post 0.33 earnings per share 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.