First Trust Advisors LP acquired a new position in Innoviva Inc. (NASDAQ:INVA) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 106,431 shares of the company’s stock, valued at approximately $1,121,000. First Trust Advisors LP owned 0.10% of Innoviva as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in INVA. DekaBank Deutsche Girozentrale increased its stake in Innoviva by 13.5% in the second quarter. DekaBank Deutsche Girozentrale now owns 57,300 shares of the company’s stock worth $609,000 after buying an additional 6,800 shares in the last quarter. Capital Fund Management S.A. purchased a new stake in Innoviva during the second quarter worth approximately $560,000. American Century Companies Inc. purchased a new stake in Innoviva during the second quarter worth approximately $4,332,000. Smith Asset Management Group LP purchased a new stake in Innoviva during the second quarter worth approximately $571,000. Finally, Old Mutual Global Investors UK Ltd. purchased a new stake in Innoviva during the second quarter worth approximately $882,000. 81.20% of the stock is owned by hedge funds and other institutional investors.
Shares of Innoviva Inc. (NASDAQ:INVA) traded down 0.18% during midday trading on Tuesday, reaching $10.95. The company’s stock had a trading volume of 253,622 shares. The firm has a market cap of $1.22 billion, a price-to-earnings ratio of 66.36 and a beta of 1.98. Innoviva Inc. has a one year low of $7.56 and a one year high of $14.15. The stock’s 50 day moving average price is $11.39 and its 200 day moving average price is $11.77.
Innoviva (NASDAQ:INVA) last issued its earnings results on Thursday, July 28th. The company reported $0.17 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.11 by $0.06. The business had revenue of $32.47 million for the quarter, compared to analysts’ expectations of $31.13 million. Innoviva had a negative return on equity of 7.39% and a net margin of 20.15%. The business’s revenue for the quarter was up 204.6% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.07) EPS. Analysts predict that Innoviva Inc. will post $0.63 earnings per share for the current year.
A number of equities research analysts recently commented on the company. Robert W. Baird reiterated a “neutral” rating and issued a $11.00 target price (up from $9.00) on shares of Innoviva in a research report on Sunday, July 31st. TheStreet upgraded Innoviva from a “sell” rating to a “hold” rating in a research report on Thursday, July 28th. Finally, Zacks Investment Research downgraded Innoviva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 10th. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $10.75.
In other news, CFO Eric Desparbes sold 3,700 shares of the business’s stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $11.77, for a total transaction of $43,549.00. Following the transaction, the chief financial officer now directly owns 239,893 shares in the company, valued at approximately $2,823,540.61. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 1.60% of the company’s stock.
Innoviva, Inc, formerly Theravance, Inc, focuses on bringing new medicines to patients in areas of unmet need. The Company is engaged in the development, commercialization and financial management of bio-pharmaceuticals. Its portfolio focuses on the respiratory assets partnered with Glaxo Group Limited (GSK), including RELVAR/BREO ELLIPTA (fluticasone furoate/vilanterol (FF/VI)) and ANORO ELLIPTA (umeclidinium bromide/vilanterol (UMEC/VI)).
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