Connor Clark & Lunn Investment Management Ltd. Makes New Investment in Innoviva, Inc. $INVA

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Innoviva, Inc. (NASDAQ:INVA) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 78,903 shares of the biotechnology company’s stock, valued at approximately $1,585,000. Connor Clark & Lunn Investment Management Ltd. owned 0.13% of Innoviva as of its most recent filing with the Securities and Exchange Commission.

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

Wall Street Analysts Forecast Growth

INVA has been the topic of a number of recent research reports. Cantor Fitzgerald increased their target price on Innoviva from $29.00 to $31.00 and gave the stock an “overweight” rating in a research note on Thursday, November 6th. Weiss Ratings restated a “buy (b-)” rating on shares of Innoviva in a research note on Thursday. Wall Street Zen upgraded shares of Innoviva from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 25th. HC Wainwright boosted their price objective on shares of Innoviva from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Monday, August 11th. Finally, Zacks Research downgraded Innoviva from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 6th. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Innoviva has an average rating of “Moderate Buy” and a consensus price target of $38.60.

Innoviva Stock Up 0.2%

Innoviva stock opened at $22.25 on Monday. Innoviva, Inc. has a one year low of $16.52 and a one year high of $22.76. The stock has a fifty day moving average of $18.75 and a 200 day moving average of $19.37. 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 stock has a market cap of $1.66 billion, a PE ratio of 71.78 and a beta of 0.42.

Innoviva (NASDAQ:INVA) last released its quarterly earnings results on Wednesday, November 5th. The biotechnology company reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.62. Innoviva had a return on equity of 18.67% and a net margin of 10.44%.The business had revenue of $107.80 million during the quarter, compared to the consensus estimate of $91.31 million. As a group, sell-side analysts predict 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.