Zacks Investment ResearchT3·18d ago
INVA Innoviva, Inc. Common Stock
XNAS 21.05 DelayedStock quote, options chain, IV rank, technicals, AI analysis, and institutional ownership. Iron condor setups Expected move IV rank history Fibonacci levels Insider trading
Market data may be delayed, incomplete, or inaccurate. Not a recommendation to buy, sell, or hold any security. Verify quotes with your broker before trading. See Terms §17.
INVA
$21.05
—
Key stats
$21.05
- 52-Week Range
- $17.45 – $25.14
- YTD
- +5.94%
- IV Rank (30D)
- 30.53
- Straddle Price
- $2.97
- P/C Vol Ratio
- 0.75
- Market Cap
- $1.5B
- Open
- $20.77
- Day Range
- $20.77 – $21.22
- Volume
- 569,095
- Prev Close
- $20.66
Fair Value
+50.0% vs price
A blended fair-value estimate combining up to six valuation methods. Each method is weighted by how well it fits the company — DCF down-weights for unprofitable names; DDM only fires for steady dividend payers; comparables down-weight when peer multiples disagree.
- DCF (quality-aware) — projects free cash flow with a horizon that scales to business quality. True compounders (quality 6/6) get 10 years explicit + 10 years fade before terminal; cyclical/struggling names (quality 0-1) get a 5-year terminal cliff. Quality is scored from ROE, gross margin, growth, FCF margin, debt load, and FCF consistency — the same factors that drive market premium for compounders.
- Market-Implied Growth (in Model Inputs) — reverse-DCF that answers "what growth rate is the market pricing in?". Lets you sanity-check the deviation: if implied growth is plausible for the business, the model's bearish flag may be wrong; if implausible, the market may be over-extrapolating.
- DDM (Gordon Growth Dividend Model) — values the stream of future dividends. Only used when trailing yield ≥ 2% and dividend payments are stable — below that the dividend is a token payout and Gordon (which values only the dividend stream) systematically underprices growth names, so those route to DCF + comparables + market anchor instead.
- P/E, EV/EBITDA, P/B, P/S — applies the peer-group median multiple to this company's per-share metric. Peers come from the same set as the "Related symbols" card. Earnings/sales metrics are forward-tilted by the company's recent revenue growth (capped at 25%) so they're comparable to peers' growth-embedded multiples — mimics how analysts use NTM rather than TTM. Per-multiple weights are biased by company quality (e.g. P/B down-weighted for asset-light tech).
- Market Anchor (SMA50) — the 50-day moving average, weighted by recent trading-range stability (tighter Bollinger bands → higher weight). Captures information fundamentals miss (forward consensus, sentiment, supply/demand) — but only when recent trading is steady enough that the market has converged on a view. During wild breakouts or breakdowns the anchor's weight collapses.
- Options Expected (B-L 30d) — the risk-neutral expected stock price at 30-day options expiration, derived from the full implied-volatility surface via Breeden-Litzenberger (second derivative of call price wrt strike → implied PDF, then E[S_T]). Forward-looking, captures all options-implied information (smile, skew, term structure) in one number. Weighted by chain liquidity. SP500-only at present (pre-computed daily). Backtest evidence: adds modest alpha across most bucket × holding combos.
- Blended value — weighted average. Confidence reflects how many methods fired and how tight peer dispersion is.
- Deviation pill — green when blended FV ≥ 10% above current price (undervalued); red when ≥ 10% below; grey otherwise.
| 10-yr Treasury (rf) | 4.96% |
| Beta vs SPY | 0.48 |
| Cost of Equity (CAPM) | 7.34% (VRP-adj) |
| WACC | 7.26% |
| Volatility Risk Premium | +67.5pp (IV − HV30) |
| Effective Tax Rate | 14.8% |
| Rev. Growth (YoY, DCF input) | +10.9% |
| DCF Horizon | 12 years explicit + fade |
| Forward Tilt (NTM/TTM) | ×1.10 (applied to P/E, EV/EBITDA, P/S) |
| Free Cash Flow (TTM) | $0.2B |
| Return on Equity (TTM) | 29.0% |
| Book / Price | 71.4% — banking bias active (P/B is primary) |
| Gross Margin (TTM) | 73.7% |
| FCF Margin (TTM) | 43.1% |
| Debt / Equity | 0.21 |
| Quality Score | 5/6 — high quality (12y DCF) |
| SMA 50 | $20.99 (Market Anchor value) |
| SMA 20 / Bollinger Mid | $20.94 |
| Bollinger Width / SMA20 | 22.5% (drives anchor stability) |
| Net Debt | $-0.3B |
| Market Cap | $2B |
Peers used for multiples: ABT, NVS, PFE
(SIC-code peers; ETF co-membership was sector-incoherent)
Blended Fair Value
$73.51
Deviation
+50.0%
| Method | Implied Price | Weight | Detail |
|---|---|---|---|
| DCF | $92.14 | 33% | |
| DDM (Gordon) | n/a | 0% | |
| Peer P/E | $178.62 | 15% | median 39.5× · 3 peers |
| Peer EV/EBITDA | $52.64 | 15% | median 19.2× · 3 peers |
| Peer P/B | $52.79 | 3% | median 3.5× · 3 peers |
| Peer P/S | $22.72 | 10% | median 3.9× · 3 peers |
| Market Anchor (SMA50) | $20.99 | 25% | stability 38% (BB-width) |
| Options Expected (B-L 30d) | $20.56 | 0% | 6 strikes · skew -0.94 |
As of 2026-10-27 · updated
Related
About
- Industry (SIC)
- PHARMACEUTICAL PREPARATIONS (2834) · industry map
- Exchange
- XNAS
- Market Cap
- $1.5B
- Employees
- 159
- List Date
- 2004-10-05
- CIK
- 0001080014
- Next Earnings
- 2026-11-04 (After-Close)
- EPS Forecast
- $0.49 (2 est.)
- Headquarters
- Burlingame, CA
- Homepage
- https://www.inva.com
Innoviva Inc is a company with a portfolio of royalty healthcare assets. It has three primary sets of assets: a royalty portfolio, operating assets in critical care and infectious disease, and other strategic healthcare assets. Its product offering includes Relvar/Breo/Ellipta, Anoro, Trelegy, and others.
Summary
—
composite
—
No summary data available for this symbol yet.
Each spoke is this symbol's rank within its sector (0–100; the dotted ring marks the sector median at 50). Higher is more constructive for a long. One spoke — News sentiment — is an absolute reading, not a sector rank. Grayed spokes have no data. A fuller shape is a summary, not a recommendation.
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | -3.77% | -8.14% | -4.67% | -1.04% | 7.13% | 0.65% | -1.64% |
| Feb | -7.22% | 21.58% | -5.33% | -6.20% | -2.66% | 9.44% | 1.60% |
| Mar | 4.82% | 3.59% | -1.06% | 0.00% | 1.91% | 2.06% | 1.89% |
| Apr | -4.26% | -13.58% | 2.99% | -0.66% | 4.18% | -1.79% | -2.19% |
| May | 15.45% | -6.99% | 15.40% | 3.68% | 4.93% | -7.31% | 4.19% |
| Jun | -0.74% | 0.27% | -2.90% | 3.14% | -0.25% | 5.58% | 0.85% |
| Jul | 3.50% | -3.69% | 6.78% | 14.18% | -8.19% | -5.20% | 1.23% |
| Aug | 4.45% | -7.97% | -4.57% | 0.47% | 9.66% | 0.00% | 0.34% |
| Sep | 9.14% | -10.76% | 1.33% | -1.08% | -12.60% | 0.62% | -2.23% |
| Oct | 2.53% | 14.92% | -4.32% | 0.31% | 0.17% | 2.43%* | 2.67% |
| Nov | -3.80% | -3.10% | 11.51% | -1.40% | 19.99% | -- | 4.64% |
| Dec | 3.92% | 0.53% | 14.65% | -9.26% | -5.53% | -- | 0.86% |
| Total | 24.17% | -17.43% | 30.15% | 0.42% | 15.78% | 5.57% | 9.78% |
Technical Indicators
Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.
Trend Indicators
- SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
- EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
- MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
- ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
- +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
Momentum Oscillators
- RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
- Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
- Williams %R — inverted scale: <−80 oversold, >−20 overbought.
Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.
Volume & Volatility
- Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
- OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
- Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
- ATR / True Range — average daily $ move; sizing and stop-loss reference.
- HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.
Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →
Trend Indicators
SMA 20: $20.94
SMA 50: $20.99
SMA 200: $21.86
Current: $21.05
EMA 12: $20.96
EMA 26: $20.96
MACD: -0.0032 | Signal: 0.0036
BEARISH
ADX (14): 10.81
RANGE
+DI: 25.50
−DI: 21.16
Momentum Oscillators
RSI (14): 51.25
NEUTRAL
Stoch %K: 33.92
Stoch %D: 37.83
Williams %R: -56.80
Volume & Volatility
BB Upper: $21.43
BB Lower: $20.45
NEUTRAL
OBV: 12,798,452
Vol SMA 20: 677,834
Vol ROC: 9.19%
ATR: $0.49
True Range: $0.56
HV 20: 24.3%
HV 30: 24.9%
HV 60: 22.8%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-10-28T00:00:00 – 2026-10-26T00:00:00
AI Analysis
LLM Stock Analysis Report
Executive Summary
Overall Assessment: NEUTRAL (Confidence Level: 7/10)
Key Drivers and Primary Risks:
- Technical indicators suggest a ranging market with no clear trend direction.
- Recent news headlines are generally positive, driving sentiment higher.
- Risk metrics indicate a defensive stock with low volatility.
Investment Thesis:
Innoviva (INVA) is a defensively positioned biotech stock with a history of consistent earnings growth. The recent surge in positive news headlines has driven sentiment higher, but technical indicators suggest a ranging market with no clear trend direction. As such, I recommend a wait-and-see approach to gauge the stock's reaction to upcoming events and potential catalysts.
Recent News Sentiment Impact:
The recent news headlines have had a generally positive impact on sentiment, driving the stock price higher. The positivity of the headlines is particularly noteworthy given the neutral-to-bullish sentiment in the options market.
Technical Analysis
Trend Direction: NEUTRAL (Short-term: ranging, Medium-term: neutral, Long-term: bearish)
Support/Resistance Levels: $20.40 (lower Bollinger Band), $21.18 (SMA 20), and $21.99 (SMA 50)
Momentum Signals:
- RSI interpretation: Neutral (47.79)
- MACD signal: Bearish (-0.32 / Signal: 0.02 / Histogram: -0.34)
- Bollinger Bands position: Squeeze
Volume Analysis: Volume trends are neutral, with on-balance volume indicating a slight buying bias.
News & Sentiment Analysis
Recent Headlines Summary: Positive news headlines have driven sentiment higher, focusing on earnings growth and partnership agreements.
Sentiment Assessment: Aggregate news sentiment is positive, driving the stock price higher.
Catalyst Identification: Upcoming events include earnings announcements for Q3 and Q4 2026, which could provide catalysts for the stock.
Market Narrative: The positive news headlines are generally aligning with technical signals, driving the stock price higher. However, the neutral-to-bearish MACD signal suggests caution and a potential pullback ahead of upcoming earnings releases.
Risk & Volatility Assessment
Beta Interpretation: Defensive stock with low volatility (-0.05 beta vs SPY).
Volatility Regime: Current volatility levels are relatively low compared to historical standards (HV20 34.8%, HV30 31.0%).
Options Market Signals:
- IV rank: 24.5% (Low)
- Current IV: 75.3%
- Expected Move: $1.93 (35 DTE), 7-DTE: $1.32
Downside Protection: Support levels at $20.40 and $21.18 provide a cushion in case of a potential pullback.
Market Context & Positioning
Sector Performance: The biotech sector has been relatively strong, with Innoviva performing in line with its peers.
Institutional Activity: Volume patterns suggest institutional interest, but the neutral-to-bearish MACD signal suggests caution.
Correlation Analysis: The stock moves inversely to the market (R-squared interpretation), indicating a defensive position.
Relative Valuation: The stock is trading within a neutral range, with no clear overvaluation or undervaluation signals.
Key Levels & Action Items
Critical Price Levels: Support at $20.40 and $21.18; resistance at $21.99.
Breakout/Breakdown Levels: Breakout above $22.00 could trigger further buying; breakdown below $19.50 could lead to a pullback.
Time-Sensitive Catalysts: Earnings announcements for Q3 and Q4 2026, which could provide catalysts for the stock.
Risk Management: Consider setting stop-loss levels at $20.40 or $21.18, depending on market conditions and risk tolerance.
Note: The above analysis is based solely on the provided data and should not be considered as personalized investment advice.
Generated
News
All INVA news →
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Showing 1–10 of 50
Page 1 of 5
Earnings History
18 of 20 under expected move
Avg Expected Move
11.52%
Avg Actual Move
3.42%
| Earnings Date | Timing | Expected Move | Actual Move | Ratio | Outcome |
|---|---|---|---|---|---|
| 2021-02-03 | After-Close | 13.98% | 0.64% | 0.05x | Within |
| 2021-04-28 | After-Close | 10.09% | 0.69% | 0.07x | Within |
| 2021-10-27 | After-Close | 10.43% | 7.52% | 0.72x | Within |
| 2022-02-09 | After-Close | 11.43% | 13.71% | 1.20x | Exceeded |
| 2022-04-28 | After-Close | 10.19% | 1.78% | 0.17x | Within |
| 2022-07-27 | After-Close | 3.61% | 3.00% | 0.83x | Within |
| 2023-05-09 | After-Close | 8.22% | 5.54% | 0.67x | Within |
| 2023-08-02 | After-Close | 11.23% | 0.00% | 0.00x | Within |
| 2023-11-01 | After-Close | 6.52% | 6.92% | 1.06x | Exceeded |
| 2024-02-29 | After-Close | 11.65% | 0.26% | 0.02x | Within |
| 2024-05-08 | After-Close | 10.28% | 1.74% | 0.17x | Within |
| 2024-07-31 | After-Close | 17.38% | 2.39% | 0.14x | Within |
| 2024-11-06 | After-Close | 14.31% | 0.40% | 0.03x | Within |
| 2025-02-26 | After-Close | 12.71% | 1.96% | 0.15x | Within |
| 2025-05-07 | After-Close | 25.75% | 0.85% | 0.03x | Within |
| 2025-08-06 | After-Close | 14.66% | 1.15% | 0.08x | Within |
| 2025-11-05 | After-Close | 14.67% | 12.89% | 0.88x | Within |
| 2026-02-25 | After-Close | 9.18% | 2.89% | 0.31x | Within |
| 2026-05-06 | After-Close | 7.33% | 1.24% | 0.17x | Within |
| 2026-08-05 | After-Close | 6.83% | 2.93% | 0.43x | Within |
Earnings calendar: this week’s reports with expected vs actual moves →
INVA Options Activity & IV Rank
INVA IV rank history, 52-week IV rank and IV percentile →
Volatility Metrics
Current IV: 47.9%
7-DTE IV: —
Expected Move: $2.97
7-DTE Move: $2.97
Days to Exp: 25 (2026-11-20)
Options Flow
Call Volume: 4
Put Volume: 3
P/C Volume: 0.75
NEUTRAL
Call OI: 289
Put OI: 120
P/C OI: 0.415
Total OI: 409
ATM Options Pricing
ATM Call: $2.30
ATM Put: $0.68
Call %: 10.9%
Put %: 3.2%
Chain Summary
Chain Volume: 378
Chain OI: 2,514
Last Updated: 10/26/2026
Spread Scanner GPU
Each spread is ranked by a composite score built in three stages. Full documentation →
Stage 1 — Base Score (GPU scanner)
score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.
Stage 2 — Skew Adjustment (±25% cap)
RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.
Stage 3 — Technical Overlay (±50% cap, 5 groups)
Group 1 · Directional Bias (±0.25)
- RSI <40 bullish / >60 bearish
- MACD crossover + histogram trend
- Price vs SMA 50 & SMA 200
Group 2 · Momentum (±0.10)
- Stochastic %K <20 / >80
- Williams %R <−80 / >−20
Group 3 · Volatility (up to −0.25 / +0.15)
- Blended ATR + straddle expected-move penalty
- Bollinger Band signal (+ counter-trend penalty)
- BB width — vol contraction boost for ICs
Group 4 · IV Regime (±0.15)
- IV rank ≥ 75 → strong boost for credit spreads
- IV rank < 25 → penalty (selling cheap vol)
Group 5 · Liquidity (penalty up to −0.10)
- Min open interest across all legs
- OI < 100 → −0.10 · OI < 500 → −0.05
score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →
Enter a ticker to scan for optimal spread opportunities.
Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.
Dealer Positioning
TYPICAL γ
Estimated net dealer gamma is at the 23rd percentile of this name's own daily history, within its typical range. This describes current positioning; it is not a forecast or a trading signal.
Gamma percentile
23%
vs own history
GEX tilt
+0.23
OI-weighted, today
Vanna tilt
+0.57
δ-sensitivity to IV
Charm tilt
-0.84
δ-decay vs time
Vanna tilt +0.57: the estimated dealer exposure leans positive, so the modeled hedge would shift noticeably if implied volatility changed.
Charm tilt -0.84: the estimated dealer exposure leans negative, so the modeled hedge would shift noticeably as time passes and options approach expiry.
? What is this?
· 6 ATM contracts, 1k total OI
Net dealer gamma is an estimate of the aggregate gamma held by options market makers across this name's option chain, weighted by open interest. Dealer positions aren't public, so it uses a standard simplifying assumption: dealers are treated as long the calls and short the puts that are open. Actual dealer books can differ.
Gamma percentile ranks today's estimate against this name's own daily history, from 0% (the lowest reading on record) to 100% (the highest). Raw gamma scales with how much open interest a chain carries, so it isn't comparable across names; the percentile is. The badge marks the bottom 20% as low and the top 20% as high.
Tilts run from −1 to +1 and show how lopsided the estimated dealer exposure is. GEX tilt compares call gamma with put gamma. Vanna tilt describes how the hedge would shift if implied volatility changed, and charm tilt how it would shift with the passage of time.
This card describes estimated positioning and where it sits historically. It is not a forecast of price direction or volatility and not a trading signal. Market-wide view: Dealer positioning screener.
Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Wing vs ATM
IV(put wing) − IV(ATM), in vol pointsHow much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.
- Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
- Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
- Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
- Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
Risk Reversal
IV(call wing) − IV(put wing), equal delta on each sideWhich side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.
- Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
- Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
- Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
- Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Reading them together
Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:
- High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
- Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
- Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d
—
—
pts
EXTREME
as of Oct 26 · No data
30 DTE / 10d
—
—
pts
EXTREME
as of Oct 26 · ATM 78.4% / Wing —
Extreme reading.
Historically these have been contrarian — on the small set of observed earnings-day cases, large negative wing-vs-ATM gaps (calls pricing much richer than puts at the same delta) preceded sharp drops in the underlying within 1-12 days. Not financial advice and the dataset is small.
Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.
Volatility Surface
Enter a ticker to render the implied volatility surface.
Volatility Smile
Enter a ticker to render the implied volatility smile.
IV Rank (7 DTE)
IV Rank (30 DTE)30.5MediumOct 26
Straddle Price (30 DTE)$2.97Oct 26
Beta Analysis
Risk Metrics
Beta: -0.0068
Alpha: 21.01%
Correlation: -0.0032
R-Squared: 0.0%
Stock Volatility: 27.0%
Market Volatility: 12.7%
Analysis Details
Benchmark: SPY
Data Points: 251
Period: 252 trading days
Data Points: 251
Period: 252 trading days
Interpretation:
Negative beta - stock moves opposite to market
Negative beta - stock moves opposite to market
Beta & Alpha Over Time
Notable investors who own INVA
5 of 37 tracked investors
| Investor | Value | Share of their portfolio | Rank | Q/Q shares | Source |
|---|---|---|---|---|---|
| Renaissance Technologies Hedge fund Jim Simons | $91.7M | #179 of 3138 | -0.5% | 13F | |
| Millennium Management Hedge fund Izzy Englander | $57.7M | #547 of 3716 | +11.5% | 13F | |
| Citadel Hedge fund Ken Griffin | $42.9M | #771 of 6285 | +93.8% | 13F | |
| Point72 Hedge fund Steve Cohen | $25.9M | #508 of 1945 | +26.2% | 13F | |
| Rockefeller Capital Management Family office Rockefeller family | $1K | #4479 of 4729 | -33.7% | 13F |
Hedge funds, activists, holding companies and family offices we track, from their latest 13F (quarter-end value) and Form 4 filings in the last 3 years. Family offices · all institutions
INVA Institutional Ownership (13F)
Latest filings — 2026-09-30
? 13F Guide
Diluted shares outstanding: 81,998,500 (as of 2026-06-30)
Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.
- Shares — long equity positions in this name, aggregated across share classes.
- Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
- % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
- Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.
Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.
2 filers$492.81K notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Susquehanna International Group, LLP Custodian | $426.95K | 86.64% | 2026-06-30 |
| 2 | Simplex Trading, LLC Custodian | $65.86K | 13.36% | 2026-06-30 |
1 filers$11.36K notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Simplex Trading, LLC Custodian | $11.36K | 100.00% | 2026-06-30 |
INVA Insider Trading (Form 4)
Latest: 2026-08-24Form 4 filings — insider beneficial-ownership changes by officers, directors, and 10%+ holders. Filed within 2 business days of transaction.
| Filed | Reporter | Role | Action | Shares | Avg Price | Net $ | Link |
|---|---|---|---|---|---|---|---|
| 2026-08-24 | Stephen Basso | Chief Financial Officer | Tax (F) | −558 | $21.00 | -$11.7K | EDGAR |
| 2026-08-24 | Marianne Zhen | Chief Accounting Officer | Tax (F) | −1,127 | $21.00 | -$23.7K | EDGAR |
| 2026-08-24 | Pavel Raifeld | Chief Executive Officer | Tax (F) | −1,130 | $21.00 | -$23.7K | EDGAR |
| 2026-05-22 | Stephen Basso | Chief Financial Officer | Mixed | +564 | $22.24 | -$12.4K | EDGAR |
| 2026-05-22 | Marianne Zhen | Chief Accounting Officer | Tax (F) | −1,127 | $22.24 | -$25.1K | EDGAR |
| 2026-05-22 | Pavel Raifeld | Chief Executive Officer | Mixed | −7 | $22.24 | -$25.1K | EDGAR |
| 2026-05-20 | Josephine Linden | Director | Award (A) | +15,194 | — | EDGAR | |
| 2026-05-06 | Pavel Raifeld | Chief Executive Officer | Award (A) | +126,646 | — | EDGAR | |
| 2026-05-06 | Stephen Basso | Chief Financial Officer | Award (A) | +37,994 | — | EDGAR | |
| 2026-05-06 | Mark DiPaolo | Director | Award (A) | +9,786 | — | EDGAR | |
| 2026-05-06 | Jules Haimovitz | Director | Award (A) | +9,786 | — | EDGAR | |
| 2026-05-06 | Sarah J. Schlesinger | Director | Award (A) | +9,786 | — | EDGAR | |
| 2026-05-06 | Marianne Zhen | Chief Accounting Officer | Award (A) | +12,766 | — | EDGAR | |
| 2026-05-06 | Derek A Small | Director | Award (A) | +9,786 | — | EDGAR | |
| 2026-02-24 | Marianne Zhen | Chief Accounting Officer | Tax (F) | −2,460 | $23.39 | -$57.5K | EDGAR |
Codes: P = open-market purchase · S = open-market sale · A = grant/award · M = option exercise · F = tax withholding at vest · G = bona-fide gift · D = disposition to issuer · J = other (described in filing footnote — typically 401(k), trust, inheritance) · W = will/inheritance. Only P / S codes carry directional signal.
INVA Insider Holdings
9 insiders · @ $21.05
Officers, directors, and 10%+ owners who have filed a Form 4 in the past two years, ranked by current disclosed exposure (shares × today's price). Shares are direct + indirect (via trusts / LLCs / spouse). Excludes unvested RSU and option grants — those aren't beneficially owned until vest.
| # | Insider | Role | Shares | Disclosed Exposure | Lifetime OM Net | Filings | Last Filed |
|---|---|---|---|---|---|---|---|
| 1 | Sarissa Capital Management LP | 10%+ Owner | 6,855,451 | $144.31M | -$38.29M | 7 | 2025-03-06 |
| 2 | Pavel Raifeld | Chief Executive Officer | 284,799 | $6.00M | $32.6K | 10 | 2026-08-24 |
| 3 | Jules Haimovitz | Director | 152,692 | $3.21M | $0 | 10 | 2026-05-06 |
| 4 | Sarah J. Schlesinger | Director | 140,492 | $2.96M | $0 | 10 | 2026-05-06 |
| 5 | Mark DiPaolo | Director | 140,492 | $2.96M | $0 | 10 | 2026-05-06 |
| 6 | Stephen Basso | Chief Financial Officer | 88,013 | $1.85M | $0 | 12 | 2026-08-24 |
| 7 | Marianne Zhen | Chief Accounting Officer | 56,389 | $1.19M | -$332.2K | 45 | 2026-08-24 |
| 8 | Derek A Small | Director | 45,035 | $948.0K | $0 | 3 | 2026-05-06 |
| 9 | Josephine Linden | Director | 15,194 | $319.8K | $0 | 1 | 2026-05-20 |
Lifetime OM Net = signed sum of open-market buys (P) and sells (S) over their career; excludes grants, tax withholdings, and dispositions to issuer. A large negative number is normal for long-tenured executives — they've sold compensation grants over many years.
INVA Board & Officers
As of SEC filings through Aug 24, 2026Directors 4
- Jules Haimovitz · since Feb 12, 2018
- Sarah J. Schlesinger · since Feb 12, 2018
- Pavel Raifeld · listed since Feb 2026
- Josephine Linden · since May 18, 2026
Officers 3
- Pavel Raifeld · Chief Executive Officer · listed since Feb 2026
- Stephen Basso · Chief Financial Officer · since Aug 21, 2023
- Marianne Zhen · Chief Accounting Officer · listed since Feb 2026
Changes in the last 10 years (36)
| May 18, 2026 | Josephine Linden became a director |
| May 12, 2026 | The company announced the departure of Mark DiPaolo from the board in an SEC filing |
| May 12, 2026 | The company announced the departure of Derek A Small from the board in an SEC filing |
| Feb 24, 2026 | Pavel Raifeld no longer listed as a 10% owner in SEC filings |
| Feb 24, 2026 | Pavel Raifeld first listed as a director in an SEC filing |
| Feb 24, 2026 | Pavel Raifeld first listed as Chief Executive Officer in an SEC filing |
| Feb 24, 2026 | Marianne Zhen first listed as Chief Accounting Officer in an SEC filing |
| Mar 26, 2025 | Pavel Raifeld no longer listed as Chief Executive Officer in SEC filings |
| Mar 26, 2025 | Pavel Raifeld first listed as a 10% owner in an SEC filing |
| Mar 26, 2025 | Marianne Zhen reported in an SEC filing no longer being Chief Accounting Officer |
| Mar 17, 2025 | Sarissa Capital Management LP reported in an SEC filing no longer being a 10% owner |
| Mar 17, 2025 | Alexander J Denner reported in an SEC filing no longer being a 10% owner |
| Apr 29, 2024 | Derek A Small became a director |
| Jan 1, 2024 | Matthew Ronsheim became an officer |
| Aug 21, 2023 | Stephen Basso became Chief Financial Officer |
| Jul 31, 2023 | Margaret Koziel became Chief Medical Officer |
| Jul 10, 2023 | The company announced the departure of Deborah Birx from the board in an SEC filing |
| May 9, 2023 | Sarissa Capital Management LP became a 10% owner |
| May 9, 2023 | Alexander J Denner became a 10% owner |
| Apr 28, 2023 | The company announced the departure of George Bickerstaff from the board in an SEC filing |
| Jan 1, 2023 | Sapna Srivastava became a director |
| Aug 22, 2022 | Larry G. Edwards became CEO of La Jolla Pharmaceutical |
| May 24, 2021 | Glaxosmithkline Plc reported in an SEC filing no longer being a 10% owner |
| Mar 9, 2021 | Deborah Birx became a director |
| May 22, 2020 | Geoffrey Hulme reported in an SEC filing no longer being Interim Principal Exec Officer |
| May 20, 2020 | Pavel Raifeld became Chief Executive Officer |
| Feb 24, 2020 | Geoffrey Hulme listed as Interim Principal Exec Officer (previously Interim PEO) in SEC filings |
| Aug 3, 2018 | Marianne Zhen became Chief Accounting Officer |
| May 21, 2018 | Geoffrey Hulme became Interim PEO |
| Feb 22, 2018 | Eric dEsparbes listed as Interim PEO, SVP and CFO (previously SVP and CFO) in SEC filings |
| Feb 12, 2018 | Sarah J. Schlesinger became a director |
| Feb 12, 2018 | Mark DiPaolo became a director |
| Feb 12, 2018 | Jules Haimovitz became a director |
| Dec 19, 2017 | Kostas D Odysseas became a director |
| Dec 19, 2017 | George Bickerstaff became a director |
| Nov 18, 2016 | Barbara Gayle Duncan became a director |
Not reported recently (16)
- Kostas D Odysseas · Last reported as a director in an SEC filing dated Jun 20, 2024
- Sapna Srivastava · Last reported as a director in an SEC filing dated Jun 20, 2024
- Matthew Ronsheim · Last reported as an officer in an SEC filing dated May 21, 2024
- Margaret Koziel · Last reported as Chief Medical Officer in an SEC filing dated Aug 2, 2023
- Larry G. Edwards · Last reported as CEO of La Jolla Pharmaceutical in an SEC filing dated Aug 26, 2022
- George B Abercrombie · Last reported as Sr. VP & Chief Comm. Officer in an SEC filing dated Aug 22, 2018
- Theodore J. Witek Jr. · Last reported as Sr. VP & Chief Scientific Off. in an SEC filing dated Aug 22, 2018
- Eric dEsparbes · Last reported as Interim PEO, SVP and CFO in an SEC filing dated May 22, 2018
- Michael W Aguiar · Last reported as a director in an SEC filing dated Dec 5, 2017
- Michael E. Faerm · Last reported as Sr VP & Chief Business Officer in an SEC filing dated Nov 22, 2017
- William H Waltrip · Last reported as a director in an SEC filing dated Apr 24, 2017
- James L Tyree · Last reported as a director in an SEC filing dated Apr 24, 2017
- Paul Pepe · Last reported as a director in an SEC filing dated Apr 24, 2017
- Cathy Friedman · Last reported as a director in an SEC filing dated Apr 24, 2017
- Patrick G Lepore · Last reported as a director in an SEC filing dated Apr 24, 2017
- Barbara Gayle Duncan · Last reported as a director in an SEC filing dated Apr 24, 2017
Compiled from SEC filings by the company and its directors and officers. Dates are as stated in those filings. Where no filing says when someone left, we show the last filing that listed them.
ETF Holders
119 ETFs hold INVA
25 shown · $442.87M total exposure · 0.07% AUM-weighted avg weight
| # | ETF | Provider | Weight | $ Exposure | ETF AUM | As Of |
|---|---|---|---|---|---|---|
| 1 | IJR iShares Core S&P Small-Cap ETF | iShares (BlackRock) | 0.09% | $88.9M | $104.0B | 2026-10-23 |
| 2 | VTI Vanguard Morningstar Total Stock Market ETF | Vanguard | 0.00% | $47.3M | — | 2026-09-30 |
| 3 | IWM iShares Russell 2000 ETF | iShares (BlackRock) | 0.05% | $39.2M | $74.6B | 2026-10-23 |
| 4 | VB Vanguard Morningstar Small-Cap ETF | Vanguard | 0.02% | $32.8M | — | 2026-09-30 |
| 5 | DFSV Dimensional US Small Cap Value ETF | Dimensional | 0.11% | $29.6M | — | 2026-10-23 |
| 6 | DFAT Dimensional US Targeted Value ETF | Dimensional | 0.07% | $21.9M | — | 2026-10-23 |
| 7 | VBR Vanguard Morningstar Small-Cap Value ETF | Vanguard | 0.03% | $21.3M | — | 2026-09-30 |
| 8 | PJP Invesco Pharmaceuticals ETF | Invesco | 3.08% | $17.1M | — | 2026-10-24 |
| 9 | VXF Vanguard Extended Market ETF | Vanguard | 0.02% | $17.1M | — | 2026-09-30 |
| 10 | IWN iShares Russell 2000 Value ETF | iShares (BlackRock) | 0.10% | $14.6M | $13.9B | 2026-10-23 |
| 11 | SPSM State Street® SPDR® Portfolio S&P 600™ Small Cap ETF | SPDR (State Street) | 0.09% | $13.6M | $15.8B | 2026-10-23 |
| 12 | DFAS Dimensional US Small Cap ETF | Dimensional | 0.03% | $11.7M | — | 2026-10-23 |
| 13 | VTWO Vanguard Russell 2000 ETF | Vanguard | 0.05% | $9.3M | — | 2026-09-30 |
| 14 | XPH State Street® SPDR® S&P® Pharmaceuticals ETF | SPDR (State Street) | 2.02% | $8.9M | $439.0M | 2026-10-23 |
| 15 | IJT iShares S&P Small-Cap 600 Growth ETF | iShares (BlackRock) | 0.11% | $8.1M | $7.6B | 2026-10-23 |
| 16 | AVUV Avantis U.S. Small Cap Value ETF | Avantis | 0.02% | $7.7M | $32.2B | 2026-10-23 |
| 17 | USVM VictoryShares US Small Mid Cap Value Momentum ETF | Nport | 0.43% | $7.5M | — | 2026-06-30 |
| 18 | SCHA Schwab U.S. Small-Cap ETF | Nport | 0.03% | $7.3M | — | 2026-05-31 |
| 19 | DFAC Dimensional US Core Equity 2 ETF | Dimensional | 0.01% | $6.6M | — | 2026-10-23 |
| 20 | CALF Pacer US Small Cap Cash Cows 100 ETF | Nport | 0.16% | $5.9M | — | 2026-07-31 |
| 21 | DFMC Dimensional US Micro Cap ETF | Dimensional | 0.08% | $5.7M | — | 2026-10-23 |
| 22 | VIOO Vanguard S&P Small-Cap 600 ETF | Vanguard | 0.09% | $5.4M | — | 2026-09-30 |
| 23 | FNDA Schwab Fundamental U.S. Small Company ETF | Nport | 0.06% | $5.1M | — | 2026-05-31 |
| 24 | IJS iShares S&P Small-Cap 600 Value ETF | iShares (BlackRock) | 0.07% | $5.1M | $7.7B | 2026-10-23 |
| 25 | IHE iShares U.S. Pharmaceuticals ETF | iShares (BlackRock) | 0.33% | $5.0M | $1.5B | 2026-10-23 |
Fundamentals
Quarterly filings sourced from SEC 10-Q / 10-K reports. TTM tiles aggregate the most recent four quarters; bars show the last ~12 quarters oldest → newest.
Metrics
- Revenue — top-line sales. Look for consistent YoY growth; seasonal businesses need same-quarter comparisons (Q4 '24 vs Q4 '23).
- Net Income — bottom-line profit after all expenses. Can be volatile from one-time items; red bars = net loss.
- Diluted EPS — net income per share assuming options/converts are exercised. Direct input to the P/E ratio.
- Operating Cash Flow — cash generated from core operations, before capex and financing. Harder to manipulate than net income; growing OCF is a quality signal.
How to read the bars
- Sequential growth — quarter-over-quarter trend. Accelerating bars are a momentum signal.
- YoY growth — compare to the same quarter a year earlier to remove seasonality.
- Quality — OCF should roughly track Net Income over time. Large divergence (net income ≫ OCF) flags accruals risk.
- Margins — scan the bar ratios: Net Income / Revenue tells you margin trend without needing a separate chart.
TTM (trailing-twelve-month) smooths seasonality and is used for the P/E calculation. Filings appear 30–90 days after the period closes.
Trailing P/E
5.12
TTM Diluted EPS
$4.11
TTM Revenue
$440.00M
TTM Net Income
$357.24M
TTM Op. Cash Flow
$191.49M
Quarterly figures (12 quarters)
| Quarter | Period End | Revenue | Net Income | Diluted EPS | Op. Cash Flow |
|---|---|---|---|---|---|
| Q2 '26 | 2026-06-30 | $119.59M | $-83.42M | $-1.14 | $51.97M |
| Q1 '26 | 2026-03-31 | $97.99M | $186.59M | $2.22 | $35.28M |
| Q4 '25 | 2025-12-31 | $114.61M | $164.15M | $1.95 | $54.51M |
| Q3 '25 | 2025-09-30 | $107.80M | $89.91M | $1.08 | $49.73M |
| Q2 '25 | 2025-06-30 | $100.28M | $63.69M | $0.77 | $44.07M |
| Q1 '25 | 2025-03-31 | $88.63M | $-46.58M | $-0.74 | $48.62M |
| Q4 '24 | 2024-12-31 | $91.81M | $20.33M | $0.31 | $59.24M |
| Q3 '24 | 2024-09-30 | $89.51M | $1.21M | $0.02 | $48.69M |
| Q2 '24 | 2024-06-30 | $99.90M | $-34.69M | $-0.55 | $43.72M |
| Q1 '24 | 2024-03-31 | $77.50M | $36.53M | $0.46 | $37.05M |
| Q4 '23 | 2023-12-31 | $90.63M | $61.53M | $0.75 | $33.26M |
| Q3 '23 | 2023-09-30 | $71.37M | $82.05M | $0.98 | $43.94M |
Q2 2026 • period ending 2026-06-30 • filed 2026-08-05
Valuation
Ratios derived from TTM financials and the current market price, sampled daily. History chart shows how expensive the stock is today relative to its own recent past.
Price Multiples
- P/E — price / TTM earnings. Rough market rule: 10–15 value, 15–25 market, >30 growth/premium. Negative when earnings are negative.
- P/B — price / book value. Useful for financials and asset-heavy names; meaningless for asset-light software.
- P/S — price / TTM revenue. Useful when earnings are negative or noisy (early-stage growth).
- EV/EBITDA — capital-structure-neutral. <10 cheap, 10–15 reasonable, >20 rich. Good for comparing across leverage profiles.
- EV/Sales — like P/S but accounts for debt + cash. Compare within sector.
Profitability & Yields
- ROE — return on equity. >15% strong, >25% exceptional. Caution: high leverage inflates ROE.
- ROA — return on assets. Leverage-neutral; >5% solid, >10% exceptional.
- Div Yield — annual dividend / price. Compare to 10Y Treasury; sustained yield >6% often signals distress.
- FCF Yield — free cash flow / market cap. >5% is attractive; negative means burning cash.
Balance Sheet
- Debt/Equity — leverage. <1 conservative, >2 aggressive. Sector-dependent (utilities naturally high, tech low).
- Current Ratio — short-term liquidity. >1.5 comfortable, <1 raises short-term solvency flags.
Reading the history chart
- Compare current level to the 3-year band: near the high end = relatively expensive; near the low = relatively cheap.
- Multiples expanding while earnings are flat = sentiment-driven rally.
- Multiples compressing while earnings grow = value coming from fundamentals.
P/E
5.12
P/B
1.40
P/S
3.92
EV/EBITDA
7.45
EV/Sales
3.21
ROE
29.0%
ROA
21.0%
Div Yield
0.00%
FCF Yield
11.09%
Debt/Equity
0.21
Current Ratio
—
Market Cap
$1.73B
as of 2026-10-26
Short Interest & Float
Regulatory short-interest reports publish on a bi-weekly settlement cadence; short-volume is reported daily by the trade-reporting facilities. Float is derived from insider-ownership filings.
Metric definitions
- Short Interest — total shares currently sold short as of the settlement date. Lags real time by ~8 business days.
- SI % of Float — short interest / free float. The key crowding metric.
- Days to Cover — short interest / avg daily volume. How many full trading days it would take shorts to buy back. High DTC + catalyst = squeeze fuel.
- Short Vol Ratio — today's short-sale volume / total volume. Intraday selling pressure proxy (not the same as short interest).
- Free Float — shares available for public trading (total shares minus insider / restricted).
- Float % — free float / shares outstanding. <50% = tightly held, more prone to squeezes.
How to read the signals
- SI % of Float < 5% — typical, no particular signal.
- 5–15% — elevated; watch for catalysts (earnings, guidance, macro).
- 15–30% — heavily shorted; tight-float names in this range have produced notable squeezes historically.
- >30% — extreme; borrow is likely expensive and squeeze risk is material.
- Days to Cover > 5 combined with high SI% amplifies squeeze potential.
History chart
- Trend matters more than level. Rapidly rising short interest often precedes negative catalysts or heavy hedging.
- A sudden drop in SI after a rally may indicate a squeeze in progress.
Short interest is reported mid-month and end-of-month; short volume is daily.
Short Interest
6.85M
SI % of Float
9.94%
Days to Cover
5.66
Short Vol Ratio
49.8%
Free Float
68.90M
Float %
95.4%
Short interest 2026-09-30 • Short volume 2026-10-26 • Float 2026-09-22