Trexquant Investment LP Takes $948,000 Position in Innoviva, Inc. $INVA

Key Points

• Trexquant Investment LP made a significant investment in Innoviva, Inc., purchasing 52,283 shares valued at approximately $948,000, now holding about 0.08% of the company's stock.
• Innoviva reported impressive quarterly earnings, with a net revenue of $100.28 million, surpassing analyst expectations and achieving an earnings per share of $0.77.
• Analyst ratings are generally positive, with Cantor Fitzgerald initiating coverage with an "overweight" rating and a price target of $26, indicating optimism about the company's performance.

Trexquant Investment LP bought a new position in shares of Innoviva, Inc. (NASDAQ:INVA - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 52,283 shares of the biotechnology company's stock, valued at approximately $948,000. Trexquant Investment LP owned approximately 0.08% of Innoviva at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in INVA. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Innoviva during the first quarter worth $56,000. Tower Research Capital LLC TRC raised its position in shares of Innoviva by 75.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 4,962 shares of the biotechnology company's stock worth $86,000 after buying an additional 2,128 shares in the last quarter. Farther Finance Advisors LLC raised its position in shares of Innoviva by 10.3% in the first quarter. Farther Finance Advisors LLC now owns 8,516 shares of the biotechnology company's stock worth $153,000 after buying an additional 795 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new stake in shares of Innoviva in the fourth quarter worth $184,000. Finally, Bailard Inc. purchased a new stake in shares of Innoviva in the first quarter worth $189,000. Hedge funds and other institutional investors own 99.12% of the company's stock.

Innoviva Price Performance

NASDAQ INVA traded down $0.06 during trading hours on Friday, reaching $19.37. 623,909 shares of the stock traded hands, compared to its average volume of 654,719. The stock has a 50 day simple moving average of $19.61 and a two-hundred day simple moving average of $19.07. Innoviva, Inc. has a 1 year low of $16.67 and a 1 year high of $22.00. 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 company has a market cap of $1.22 billion, a price-to-earnings ratio of 62.49 and a beta of 0.47.

Innoviva (NASDAQ:INVA - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The biotechnology company reported $0.77 earnings per share for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $87.10 million. On average, analysts predict that Innoviva, Inc. will post 0.33 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Wall Street Zen upgraded Innoviva from a "buy" rating to a "strong-buy" rating in a research report on Monday, September 1st. HC Wainwright increased their price objective on Innoviva from $40.00 to $45.00 and gave the stock a "buy" rating in a research report on Monday, August 11th. Cantor Fitzgerald assumed coverage on Innoviva in a research report on Friday, July 11th. They issued an "overweight" rating and a $26.00 price objective on the stock. Finally, Oppenheimer assumed coverage on Innoviva in a research report on Monday, August 11th. They issued an "outperform" rating and a $45.00 price objective on the stock. Four research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Innoviva presently has a consensus rating of "Buy" and an average target price 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.