Hedge Funds Can’t Get Enough of Innoviva Inc (INVA)

As industry-wide interest jumped, key money managers were leading the bulls’ herd. Sarissa Capital Management, led by Alex Denner, assembled the biggest position in Innoviva Inc (NASDAQ:INVA). Sarissa Capital Management had $11 million invested in the company at the end of the quarter. Paul Marshall and Ian Wace’s Marshall Wace LLP also initiated a $1.5 million position during the quarter. The following funds were also among the new INVA investors: George Hall’s Clinton Group, Neil Chriss’ Hutchin Hill Capital, and Mike Vranos’ Ellington.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Innoviva Inc(NASDAQ:INVA) but similarly valued. These stocks are Kearny Financial Corp. (NASDAQ:KRNY), Ameris Bancorp (NASDAQ:ABCB), Korn/Ferry International (NYSE:KFY), and Euronav NV Ordinary Shares (NYSE:EURN). This group of stocks’ market caps resemble INVA’s market cap.

As you can see these stocks had an average of 14 hedge funds with bullish positions and the average amount invested in these stocks was $95 million. That figure was $395 million in INVA’s case. Kearny Financial Corp. (NASDAQ:KRNY) is the most popular stock in this table. On the other hand Korn/Ferry International (NYSE:KFY) is the least popular one with only 9 bullish hedge fund positions. Compared to these stocks Innoviva Inc (NASDAQ:INVA) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: None