Hsbc Holdings PLC Decreases Stock Holdings in Innoviva, Inc. $INVA

Hsbc Holdings PLC cut its stake in Innoviva, Inc. (NASDAQ:INVA) by 68.6% in the first quarter, Holdings Channel.com reports. The firm owned 101,608 shares of the biotechnology company’s stock after selling 222,038 shares during the quarter. Hsbc Holdings PLC’s holdings in Innoviva were worth $2,378,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC increased its stake in shares of Innoviva by 297.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,398 shares of the biotechnology company’s stock worth $48,000 after acquiring an additional 1,795 shares during the last quarter. Danske Bank A S purchased a new stake in shares of Innoviva in the third quarter valued at about $55,000. Mirae Asset Global Investments Co. Ltd. increased its position in Innoviva by 49.1% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,633 shares of the biotechnology company’s stock worth $73,000 after purchasing an additional 1,197 shares during the last quarter. Lazard Asset Management LLC purchased a new position in Innoviva during the second quarter worth about $92,000. Finally, Ensign Peak Advisors Inc acquired a new position in Innoviva in the 4th quarter valued at about $115,000. Hedge funds and other institutional investors own 99.12% of the company’s stock.

Innoviva Trading Up 1.1%

Shares of NASDAQ INVA opened at $21.44 on Friday. The company has a current ratio of 21.13, a quick ratio of 20.07 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $1.58 billion, a PE ratio of 3.57 and a beta of 0.34. Innoviva, Inc. has a twelve month low of $16.52 and a twelve month high of $25.15. The stock has a fifty day simple moving average of $22.26 and a 200-day simple moving average of $22.18.

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

Analyst Upgrades and Downgrades

INVA has been the topic of several analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $46.00 price target on shares of Innoviva in a research report on Monday, June 1st. Weiss Ratings restated a “buy (b)” rating on shares of Innoviva in a research report on Wednesday, June 24th. BTIG Research reaffirmed a “buy” rating and issued a $42.00 price target on shares of Innoviva in a research note on Monday, June 22nd. Finally, Wall Street Zen raised Innoviva from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Innoviva has an average rating of “Moderate Buy” and an average target price of $36.20.

Innoviva Company Profile

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.