Jacobs Levy Equity Management Inc. Takes $2.16 Million Position in Innoviva, Inc. $INVA

Jacobs Levy Equity Management Inc. acquired a new stake in Innoviva, Inc. (NASDAQ:INVA) in the first quarter, Holdings Channel.com reports. The fund acquired 119,385 shares of the biotechnology company’s stock, valued at approximately $2,164,000.

A number of other institutional investors have also modified their holdings of INVA. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Innoviva in the first quarter valued at $56,000. Farther Finance Advisors LLC grew its stake 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 valued at $153,000 after buying an additional 795 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new stake in shares of Innoviva in the fourth quarter valued at $184,000. Bailard Inc. acquired a new stake in shares of Innoviva in the first quarter valued at $189,000. Finally, US Bancorp DE grew its stake in shares of Innoviva by 356.0% in the first quarter. US Bancorp DE now owns 12,753 shares of the biotechnology company’s stock valued at $231,000 after buying an additional 9,956 shares in the last quarter. 99.12% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

INVA has been the subject of a number of 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. HC Wainwright upped their price target on Innoviva from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Monday, August 11th. Wall Street Zen raised Innoviva from a “buy” rating to a “strong-buy” rating in a research report on Monday, September 1st. Finally, Oppenheimer initiated coverage on Innoviva in a research report on Monday, August 11th. They issued an “outperform” rating and a $45.00 price target on the stock. Four analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $42.75.

Innoviva Stock Down 1.5%

Innoviva stock opened at $19.87 on Thursday. Innoviva, Inc. has a fifty-two week low of $16.67 and a fifty-two week high of $22.00. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.44 and a current ratio of 2.64. The company has a market capitalization of $1.25 billion, a P/E ratio of 64.10 and a beta of 0.47. The stock has a 50-day simple moving average of $19.60 and a 200-day simple moving average of $19.06.

Innoviva (NASDAQ:INVA) last posted its earnings results on Wednesday, August 6th. The biotechnology company reported $0.77 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $87.10 million. Equities research analysts expect that Innoviva, Inc. will post 0.33 earnings per share 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.