Quantbot Technologies LP Raises Stock Position in Innoviva, Inc. $INVA

Key Points

• Quantbot Technologies LP significantly increased its stake in Innoviva, Inc. by 62.3%, owning 66,107 shares worth approximately $1.2 million following an additional purchase of 25,369 shares in the first quarter.
• In the latest earnings report, Innoviva posted earnings of $0.77 per share, surpassing expectations of $0.57, along with a revenue of $100.28 million, significantly higher than the anticipated $87.10 million.
• Wall Street analysts maintain a positive outlook on Innoviva, with a consensus price target of $42.75 and several firms, including HC Wainwright, giving it a "buy" rating.

Quantbot Technologies LP lifted its position in Innoviva, Inc. (NASDAQ:INVA - Free Report) by 62.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 66,107 shares of the biotechnology company's stock after acquiring an additional 25,369 shares during the quarter. Quantbot Technologies LP owned 0.11% of Innoviva worth $1,199,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Dimensional Fund Advisors LP lifted its holdings in shares of Innoviva by 4.8% in the 4th 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 lifted its holdings 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 acquiring an additional 49,996 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Innoviva by 17.6% in the 1st quarter. American Century Companies Inc. now owns 1,675,697 shares of the biotechnology company's stock worth $30,380,000 after acquiring an additional 251,382 shares during the last quarter. D. E. Shaw & Co. Inc. lifted its holdings 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 acquiring an additional 184,595 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in Innoviva by 4.0% during the 4th quarter. Northern Trust Corp now owns 679,044 shares of the biotechnology company's stock valued at $11,781,000 after buying an additional 26,429 shares in the last quarter. Institutional investors own 99.12% of the company's stock.

Innoviva Stock Up 0.4%

NASDAQ INVA traded up $0.08 during trading on Thursday, reaching $19.92. 271,074 shares of the company's stock traded hands, compared to its average volume of 819,055. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.64 and a quick ratio of 2.44. The firm has a market cap of $1.26 billion, a price-to-earnings ratio of 64.34 and a beta of 0.38. The company's 50 day simple moving average is $19.59 and its two-hundred day simple moving average is $18.89. Innoviva, Inc. has a 12-month low of $16.67 and a 12-month high of $22.00.

Innoviva (NASDAQ:INVA - Get Free Report) last posted its earnings results on Wednesday, August 6th. The biotechnology company reported $0.77 EPS for the quarter, beating analysts' consensus estimates of $0.57 by $0.20. The business had revenue of $100.28 million for the quarter, compared to the consensus estimate of $87.10 million. Innoviva had a net margin of 10.44% and a return on equity of 18.67%. As a group, sell-side analysts forecast that Innoviva, Inc. will post 0.33 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on INVA. HC Wainwright lifted their price objective on shares of Innoviva from $40.00 to $45.00 and gave the company a "buy" rating in a report on Monday, August 11th. Cantor Fitzgerald began coverage on shares of Innoviva in a report on Friday, July 11th. They set an "overweight" rating and a $26.00 price objective for the company. Oppenheimer began coverage on shares of Innoviva in a report on Monday, August 11th. They set an "outperform" rating and a $45.00 price objective for the company. Finally, Wall Street Zen lowered shares of Innoviva from a "strong-buy" rating to a "buy" rating in a report on Sunday. Four research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $42.75.

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.