Hsbc Holdings PLC Purchases Shares of 323,646 Innoviva, Inc. $INVA

Hsbc Holdings PLC purchased a new stake in shares of Innoviva, Inc. (NASDAQ:INVA) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 323,646 shares of the biotechnology company’s stock, valued at approximately $6,428,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Invesco Ltd. grew its holdings in Innoviva by 8.8% in the 4th quarter. Invesco Ltd. now owns 832,635 shares of the biotechnology company’s stock worth $16,644,000 after buying an additional 67,069 shares in the last quarter. Vident Advisory LLC acquired a new position in Innoviva during the 4th quarter worth $565,000. NewEdge Advisors LLC grew its stake in shares of Innoviva by 79.2% in the fourth quarter. NewEdge Advisors LLC now owns 35,984 shares of the biotechnology company’s stock worth $719,000 after purchasing an additional 15,899 shares in the last quarter. Empowered Funds LLC bought a new position in shares of Innoviva in the fourth quarter worth $1,492,000. Finally, Uniplan Investment Counsel Inc. increased its holdings in shares of Innoviva by 9.5% during the fourth quarter. Uniplan Investment Counsel Inc. now owns 209,733 shares of the biotechnology company’s stock valued at $4,193,000 after purchasing an additional 18,263 shares during the period. 99.12% of the stock is currently owned by institutional investors and hedge funds.

Innoviva Stock Up 0.8%

INVA opened at $22.43 on Thursday. Innoviva, Inc. has a one year low of $16.52 and a one year high of $25.15. The company has a debt-to-equity ratio of 0.19, a quick ratio of 20.07 and a current ratio of 21.13. The stock’s fifty day moving average is $22.51 and its 200-day moving average is $22.03. The company has a market capitalization of $1.66 billion, a PE ratio of 3.73 and a beta of 0.34.

Innoviva (NASDAQ:INVA) last announced its earnings results on Wednesday, May 6th. The biotechnology company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.01. The business had revenue of $97.99 million during the quarter, compared to analysts’ expectations of $101.57 million. Innoviva had a return on equity of 33.33% and a net margin of 119.89%. On average, equities analysts predict that Innoviva, Inc. will post 2.2 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. HC Wainwright restated a “buy” rating and set a $46.00 price objective on shares of Innoviva in a research note on Monday, June 1st. BTIG Research reiterated a “buy” rating and issued a $42.00 target price on shares of Innoviva in a research report on Monday, June 22nd. Wall Street Zen raised shares of Innoviva from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Innoviva in a research note on Wednesday, June 24th. 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 stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $36.20.

About Innoviva

Innoviva, Inc, incorporated in Delaware and headquartered in San Francisco, California, is a royalty-focused life sciences company. It acquires, manages and monetizes royalty and license interests in biopharmaceutical products, with a primary emphasis on inhaled respiratory therapies. Innoviva’s portfolio is anchored by royalties on therapies originally developed by its former affiliate, now marketed by GlaxoSmithKline, including several long-acting inhaled products approved for chronic obstructive pulmonary disease (COPD) and asthma.

The company was established through a spin?out transaction in 2014, separating the royalty assets from a research?based biopharmaceutical enterprise to create a specialized investment vehicle.