Systematic Financial Management LP Purchases 49,996 Shares of Innoviva, Inc. (NASDAQ:INVA)

Systematic Financial Management LP lifted its position in Innoviva, Inc. (NASDAQ:INVA - Free Report) by 2.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,029,069 shares of the biotechnology company's stock after purchasing an additional 49,996 shares during the quarter. Systematic Financial Management LP owned about 3.24% of Innoviva worth $35,204,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in INVA. ProShare Advisors LLC increased its stake in Innoviva by 28.9% in the 4th quarter. ProShare Advisors LLC now owns 19,638 shares of the biotechnology company's stock worth $341,000 after acquiring an additional 4,401 shares during the last quarter. Man Group plc boosted its position in shares of Innoviva by 20.2% during the 4th quarter. Man Group plc now owns 486,869 shares of the biotechnology company's stock valued at $8,447,000 after acquiring an additional 81,891 shares during the last quarter. Nuveen Asset Management LLC grew its holdings in shares of Innoviva by 87.3% in the fourth quarter. Nuveen Asset Management LLC now owns 306,562 shares of the biotechnology company's stock valued at $5,319,000 after purchasing an additional 142,886 shares in the last quarter. Occudo Quantitative Strategies LP bought a new stake in Innoviva in the fourth quarter worth $382,000. Finally, Millennium Management LLC raised its stake in Innoviva by 426.4% during the fourth quarter. Millennium Management LLC now owns 400,613 shares of the biotechnology company's stock valued at $6,951,000 after purchasing an additional 324,515 shares in the last quarter. 99.12% of the stock is currently owned by hedge funds and other institutional investors.

Innoviva Trading Down 1.5%

Shares of INVA stock traded down $0.28 during trading hours on Thursday, reaching $18.67. 126,897 shares of the stock were exchanged, compared to its average volume of 632,142. Innoviva, Inc. has a 12-month low of $15.20 and a 12-month high of $21.28. The company's 50-day moving average price is $18.06 and its 200-day moving average price is $18.26. The firm has a market capitalization of $1.17 billion, a price-to-earnings ratio of 27.07 and a beta of 0.35. The company has a current ratio of 1.79, a quick ratio of 1.64 and a debt-to-equity ratio of 0.38.

Innoviva (NASDAQ:INVA - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The biotechnology company reported $0.25 earnings per share (EPS) for the quarter. Innoviva had a return on equity of 20.84% and a net margin of 18.31%. The firm had revenue of $88.63 million during the quarter. As a group, equities analysts anticipate that Innoviva, Inc. will post 0.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on INVA shares. Wall Street Zen raised shares of Innoviva from a "hold" rating to a "buy" rating in a research note on Wednesday, April 30th. Scotiabank started coverage on Innoviva in a research report on Friday, March 7th. They issued a "sector outperform" rating and a $55.00 price target for the company.

Insider Transactions at Innoviva

In related news, major shareholder Alexander J. Denner sold 1,196,746 shares of the business's stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $17.52, for a total value of $20,966,989.92. Following the completion of the sale, the insider now owns 5,658,705 shares in the company, valued at approximately $99,140,511.60. The trade was a 17.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.25% of the company's stock.

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.