QRG Capital Management Inc. Has $2.26 Million Stake in Innoviva, Inc. $INVA

Key Points

• QRG Capital Management Inc. increased its stake in Innoviva, Inc. by 16.5%, now owning approximately 112,465 shares worth $2.26 million, according to SEC filings.
• Several institutional investors have made significant changes to their positions in Innoviva, with 99.12% of its stock owned by such investors.
• Analysts have varying opinions on Innoviva, with price targets ranging from $17.00 to $45.00 and an average rating of "Moderate Buy".

QRG Capital Management Inc. raised its stake in shares of Innoviva, Inc. (NASDAQ:INVA - Free Report) by 16.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 112,465 shares of the biotechnology company's stock after acquiring an additional 15,948 shares during the quarter. QRG Capital Management Inc. owned approximately 0.18% of Innoviva worth $2,259,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in INVA. Parallel Advisors LLC increased its position in shares of Innoviva by 157.5% during the 2nd quarter. Parallel Advisors LLC now owns 1,849 shares of the biotechnology company's stock worth $37,000 after purchasing an additional 1,131 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in Innoviva during the first quarter worth about $56,000. GAMMA Investing LLC boosted its holdings in shares of Innoviva by 58.9% in the 2nd quarter. GAMMA Investing LLC now owns 7,146 shares of the biotechnology company's stock worth $144,000 after acquiring an additional 2,648 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of Innoviva by 10.3% in the 1st quarter. Farther Finance Advisors LLC now owns 8,516 shares of the biotechnology company's stock worth $153,000 after acquiring an additional 795 shares in the last quarter. Finally, Bailard Inc. acquired a new position in shares of Innoviva in the 1st quarter worth approximately $189,000. 99.12% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on INVA. HC Wainwright lifted their price objective on Innoviva from $40.00 to $45.00 and gave the company a "buy" rating in a research report on Monday, August 11th. The Goldman Sachs Group assumed coverage on shares of Innoviva in a report on Tuesday, September 30th. They set a "sell" rating and a $17.00 price objective on the stock. Wall Street Zen lowered shares of Innoviva from a "strong-buy" rating to a "buy" rating in a research report on Friday, October 3rd. Weiss Ratings restated a "hold (c)" rating on shares of Innoviva in a research report on Saturday, September 27th. Finally, Cantor Fitzgerald started coverage on shares of Innoviva in a research report on Friday, July 11th. They issued an "overweight" rating and a $26.00 price objective for the company. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $37.60.

Innoviva Price Performance

INVA opened at $17.20 on Wednesday. Innoviva, Inc. has a 52 week low of $16.67 and a 52 week 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 firm has a market capitalization of $1.08 billion, a PE ratio of 55.49 and a beta of 0.40. The company has a fifty day moving average price of $19.42 and a two-hundred day moving average price of $19.22.

Innoviva (NASDAQ:INVA - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The biotechnology company reported $0.77 earnings per share (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 business had revenue of $100.28 million for the quarter, compared to analyst estimates of $87.10 million. As a group, analysts anticipate 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.

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