Systematic Financial Management LP Sells 90,447 Shares of Innoviva, Inc. $INVA

Key Points

• Systematic Financial Management LP trimmed its Innoviva stake by 4.3% in the first quarter, selling 90,447 shares and leaving it with 2,024,082 shares valued at about $47.2 million.
• Innoviva reported better-than-expected EPS for the latest quarter at $0.44 versus $0.43 expected, though revenue of $97.99 million came in below analyst estimates.
• Wall Street sentiment remains constructive, with several firms maintaining buy ratings and the stock holding a consensus rating of Moderate Buy with a $36.20 target price.

Systematic Financial Management LP decreased its position in shares of Innoviva, Inc. (NASDAQ:INVA - Free Report) by 4.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,024,082 shares of the biotechnology company's stock after selling 90,447 shares during the quarter. Innoviva accounts for 1.1% of Systematic Financial Management LP's portfolio, making the stock its 19th largest position. Systematic Financial Management LP owned about 2.73% of Innoviva worth $47,161,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in INVA. Jennison Associates LLC acquired a new stake in Innoviva in the 4th quarter valued at $928,000. Universal Beteiligungs und Servicegesellschaft mbH raised its stake in Innoviva by 49.9% during the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 173,119 shares of the biotechnology company's stock worth $3,457,000 after acquiring an additional 57,616 shares in the last quarter. Hussman Strategic Advisors Inc. raised its stake in Innoviva by 150.0% during the fourth quarter. Hussman Strategic Advisors Inc. now owns 105,000 shares of the biotechnology company's stock worth $2,099,000 after acquiring an additional 63,000 shares in the last quarter. Hsbc Holdings PLC bought a new position in shares of Innoviva during the fourth quarter valued at $6,428,000. Finally, Legato Capital Management LLC bought a new position in shares of Innoviva during the fourth quarter valued at $1,425,000. Institutional investors own 99.12% of the company's stock.

Innoviva Stock Performance

INVA stock opened at $21.20 on Friday. The company has a 50 day moving average price of $22.27 and a 200 day moving average price of $22.18. Innoviva, Inc. has a fifty-two week low of $16.52 and a fifty-two week high of $25.15. The company has a debt-to-equity ratio of 0.19, a current ratio of 21.13 and a quick ratio of 20.07. The stock has a market capitalization of $1.56 billion, a PE ratio of 3.53 and a beta of 0.34.

Innoviva (NASDAQ:INVA - Get Free Report) last released its earnings results on Wednesday, May 6th. The biotechnology company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.43 by $0.01. The company had revenue of $97.99 million during the quarter, compared to analysts' expectations of $101.57 million. Innoviva had a return on equity of 33.33% and a net margin of 119.89%. Analysts forecast that Innoviva, Inc. will post 2.2 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on INVA shares. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Innoviva in a research note on Wednesday, June 24th. HC Wainwright reissued a "buy" rating and issued a $46.00 target price on shares of Innoviva in a report on Monday, June 1st. BTIG Research restated a "buy" rating and set a $42.00 price target on shares of Innoviva in a research report on Monday, June 22nd. Finally, Wall Street Zen raised Innoviva from a "hold" rating to a "buy" rating in a research note on Saturday, June 6th. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $36.20.

Innoviva Profile

Innoviva, Inc, incorporated in Delaware and headquartered in San Francisco, California, is a royalty-focused life sciences company. It acquires, manages and monetizes royalty and license interests in biopharmaceutical products, with a primary emphasis on inhaled respiratory therapies. Innoviva's portfolio is anchored by royalties on therapies originally developed by its former affiliate, now marketed by GlaxoSmithKline, including several long-acting inhaled products approved for chronic obstructive pulmonary disease (COPD) and asthma.

The company was established through a spin‐out transaction in 2014, separating the royalty assets from a research‐based biopharmaceutical enterprise to create a specialized investment vehicle.

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