Corton Capital Inc. Makes New Investment in Innoviva, Inc. $INVA

Corton Capital Inc. purchased a new position in shares of Innoviva, Inc. (NASDAQ:INVA) during the second quarter, HoldingsChannel.com reports. The fund purchased 12,332 shares of the biotechnology company’s stock, valued at approximately $248,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Systematic Financial Management LP grew its stake in Innoviva by 2.1% during the 1st quarter. Systematic Financial Management LP now owns 2,071,253 shares of the biotechnology company’s stock worth $37,552,000 after buying an additional 42,184 shares during the last quarter. Millennium Management LLC boosted its holdings in Innoviva by 318.4% in the first quarter. Millennium Management LLC now owns 1,676,057 shares of the biotechnology company’s stock worth $30,387,000 after acquiring an additional 1,275,444 shares in the last quarter. American Century Companies Inc. boosted its holdings in Innoviva by 17.6% in the first quarter. American Century Companies Inc. now owns 1,675,697 shares of the biotechnology company’s stock worth $30,380,000 after acquiring an additional 251,382 shares in the last quarter. Boston Partners grew its stake in shares of Innoviva by 26.9% during the first quarter. Boston Partners now owns 622,550 shares of the biotechnology company’s stock worth $11,287,000 after acquiring an additional 132,146 shares during the last quarter. Finally, Victory Capital Management Inc. increased its holdings in shares of Innoviva by 132.4% during the first quarter. Victory Capital Management Inc. now owns 412,281 shares of the biotechnology company’s stock valued at $7,475,000 after acquiring an additional 234,898 shares in the last quarter. Hedge funds and other institutional investors own 99.12% of the company’s stock.

Innoviva Stock Down 0.5%

Shares of INVA opened at $18.11 on Tuesday. The company has a market capitalization of $1.14 billion, a price-to-earnings ratio of 58.42 and a beta of 0.40. Innoviva, Inc. has a 52 week low of $16.52 and a 52 week high of $22.00. The stock’s 50-day moving average price is $18.68 and its 200-day moving average price is $19.22. The company has a quick ratio of 2.44, a current ratio of 2.64 and a debt-to-equity ratio of 0.36.

Innoviva (NASDAQ:INVA) last announced its quarterly earnings results on Wednesday, August 6th. The biotechnology company reported $0.77 earnings per share (EPS) 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 company had revenue of $100.28 million during the quarter, compared to the consensus estimate of $87.10 million. On average, sell-side analysts predict that Innoviva, Inc. will post 0.33 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Wall Street Zen upgraded shares of Innoviva from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 25th. The Goldman Sachs Group assumed coverage on shares of Innoviva in a report on Tuesday, September 30th. They issued a “sell” rating and a $17.00 price target for the company. Oppenheimer initiated coverage on shares of Innoviva in a research note on Monday, August 11th. They set an “outperform” rating and a $45.00 price objective for the company. HC Wainwright boosted their price objective on shares of Innoviva from $40.00 to $45.00 and gave the company a “buy” rating in a report on Monday, August 11th. Finally, Zacks Research upgraded Innoviva from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $37.60.

Innoviva 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.