Innoviva, Inc. (NASDAQ:INVA) Shares Bought by Victory Capital Management Inc.

Key Points

• Victory Capital Management Inc. increased its stake in Innoviva, Inc. by 132.4%, acquiring 234,898 shares in the first quarter, bringing its total ownership to 412,281 shares valued at approximately $7,475,000.
• Institutional investors collectively own 99.12% of Innoviva's stock, indicating significant institutional confidence in the company.
• Analysts have set new price targets for Innoviva, with HC Wainwright issuing a "buy" rating and a target of $40.00 for the stock.

Victory Capital Management Inc. grew its stake in shares of Innoviva, Inc. (NASDAQ:INVA - Free Report) by 132.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 412,281 shares of the biotechnology company's stock after acquiring an additional 234,898 shares during the quarter. Victory Capital Management Inc. owned about 0.66% of Innoviva worth $7,475,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of INVA. Tower Research Capital LLC TRC boosted its position in Innoviva by 75.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 4,962 shares of the biotechnology company's stock valued at $86,000 after buying an additional 2,128 shares during the last quarter. Farther Finance Advisors LLC boosted its position in 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 purchasing an additional 795 shares in the last quarter. New Age Alpha Advisors LLC purchased a new position in shares of Innoviva during the 4th quarter valued at approximately $176,000. Cubist Systematic Strategies LLC purchased a new position in shares of Innoviva during the 4th quarter valued at approximately $184,000. Finally, Bridgefront Capital LLC purchased a new position in shares of Innoviva during the 4th quarter valued at approximately $229,000. Institutional investors and hedge funds own 99.12% of the company's stock.

Analyst Ratings Changes

INVA has been the subject of several recent research reports. Cantor Fitzgerald initiated coverage on Innoviva in a research note on Friday, July 11th. They issued an "overweight" rating and a $26.00 price objective for the company. Wall Street Zen raised Innoviva from a "hold" rating to a "buy" rating in a research note on Wednesday, April 30th. Finally, HC Wainwright started coverage on Innoviva in a research report on Monday, July 14th. They set a "buy" rating and a $40.00 price objective for the company.

Innoviva Price Performance

Shares of Innoviva stock traded up $0.16 during trading on Tuesday, reaching $18.70. The company's stock had a trading volume of 66,949 shares, compared to its average volume of 820,680. The company has a quick ratio of 2.30, a current ratio of 2.48 and a debt-to-equity ratio of 0.40. Innoviva, Inc. has a 12-month low of $16.67 and a 12-month high of $22.00. The company has a market capitalization of $1.17 billion, a P/E ratio of -18.51 and a beta of 0.37. The business has a 50 day moving average price of $19.99 and a 200-day moving average price of $18.74.

Innoviva (NASDAQ:INVA - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The biotechnology company reported $0.25 earnings per share (EPS) for the quarter. The business had revenue of $88.63 million for the quarter. Innoviva had a positive return on equity of 15.77% and a negative net margin of 16.15%. As a group, sell-side analysts anticipate that Innoviva, Inc. will post 0.33 EPS 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.