Systematic Financial Management LP Takes $1.69 Million Position in Innoviva, Inc. (INVA)
Systematic Financial Management LP acquired a new position in shares of Innoviva, Inc. (NASDAQ:INVA) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 131,940 shares of the biotechnology company’s stock, valued at approximately $1,689,000. Systematic Financial Management LP owned about 0.12% of Innoviva at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in shares of Innoviva by 68,215.3% during the 1st quarter. BlackRock Inc. now owns 12,000,259 shares of the biotechnology company’s stock worth $165,964,000 after purchasing an additional 11,982,693 shares during the last quarter. Comerica Bank increased its stake in shares of Innoviva by 4.5% during the 1st quarter. Comerica Bank now owns 85,950 shares of the biotechnology company’s stock worth $1,082,000 after purchasing an additional 3,673 shares during the last quarter. Trexquant Investment LP acquired a new position in shares of Innoviva during the 1st quarter worth about $818,000. Morgan Stanley increased its stake in shares of Innoviva by 92.2% during the 1st quarter. Morgan Stanley now owns 564,427 shares of the biotechnology company’s stock worth $7,807,000 after purchasing an additional 270,824 shares during the last quarter. Finally, KCG Holdings Inc. increased its stake in shares of Innoviva by 63.9% during the 1st quarter. KCG Holdings Inc. now owns 30,265 shares of the biotechnology company’s stock worth $419,000 after purchasing an additional 11,802 shares during the last quarter. Institutional investors own 69.07% of the company’s stock.
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Innoviva, Inc. (INVA) opened at 13.87 on Friday. The firm has a market cap of $1.52 billion, a price-to-earnings ratio of 17.45 and a beta of 2.58. The company has a 50-day moving average of $13.18 and a 200-day moving average of $12.78. Innoviva, Inc. has a 52 week low of $8.67 and a 52 week high of $14.55.
Innoviva (NASDAQ:INVA) last posted its earnings results on Wednesday, July 26th. The biotechnology company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.02. The firm had revenue of $58.60 million during the quarter, compared to the consensus estimate of $50.53 million. Innoviva had a net margin of 52.56% and a negative return on equity of 27.37%. The company’s revenue was up 80.3% on a year-over-year basis. During the same quarter last year, the company earned $0.13 earnings per share. Equities research analysts forecast that Innoviva, Inc. will post $1.16 earnings per share for the current fiscal year.
INVA has been the topic of several recent analyst reports. Cowen and Company set a $16.00 price objective on shares of Innoviva and gave the stock a “buy” rating in a research note on Friday, July 28th. Zacks Investment Research upgraded shares of Innoviva from a “sell” rating to a “hold” rating in a research note on Monday, July 17th. Stifel Nicolaus restated a “hold” rating and set a $15.00 price objective on shares of Innoviva in a research note on Friday, July 28th. ValuEngine lowered shares of Innoviva from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Finally, Robert W. Baird reiterated a “neutral” rating and issued a $13.00 price target (up previously from $11.00) on shares of Innoviva in a research note on Thursday, July 27th. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $15.00.
Innoviva, Inc, formerly Theravance, Inc, is engaged in the development, commercialization and financial management of bio-pharmaceuticals. It focuses on the respiratory assets partnered with Glaxo Group Limited (GSK), including RELVAR/BREO ELLIPTA (fluticasone furoate (FF)/vilanterol (VI)) and ANORO ELLIPTA (umeclidinium bromide/vilanterol (UMEC/VI)).
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