Hsbc Holdings PLC Purchases New Holdings in Innoviva, Inc. $INVA

Hsbc Holdings PLC acquired a new position in Innoviva, Inc. (NASDAQ:INVA) during the 4th quarter, HoldingsChannel reports. The fund acquired 323,646 shares of the biotechnology company’s stock, valued at approximately $6,428,000.

Several other large investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Innoviva by 11.6% during the fourth quarter. Vanguard Group Inc. now owns 7,917,103 shares of the biotechnology company’s stock valued at $158,263,000 after acquiring an additional 819,757 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in shares of Innoviva by 38.1% in the third quarter. Arrowstreet Capital Limited Partnership now owns 2,358,633 shares of the biotechnology company’s stock worth $43,045,000 after acquiring an additional 650,151 shares during the last quarter. Boston Partners boosted its stake in shares of Innoviva by 63.6% in the third quarter. Boston Partners now owns 1,431,601 shares of the biotechnology company’s stock worth $26,125,000 after acquiring an additional 556,517 shares during the last quarter. Royce & Associates LP increased its position in shares of Innoviva by 641.2% during the third quarter. Royce & Associates LP now owns 505,906 shares of the biotechnology company’s stock worth $9,233,000 after purchasing an additional 437,654 shares in the last quarter. Finally, Qube Research & Technologies Ltd increased its position in shares of Innoviva by 68.2% during the third quarter. Qube Research & Technologies Ltd now owns 1,023,534 shares of the biotechnology company’s stock worth $18,679,000 after purchasing an additional 414,889 shares in the last quarter. 99.12% of the stock is currently owned by hedge funds and other institutional investors.

Innoviva Price Performance

NASDAQ:INVA opened at $23.57 on Friday. Innoviva, Inc. has a one year low of $16.52 and a one year high of $25.15. The stock has a market cap of $1.74 billion, a PE ratio of 3.92 and a beta of 0.35. 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 has a 50 day moving average price of $22.72 and a 200 day moving average price of $21.91.

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

Analysts Set New Price Targets

Several research analysts recently commented on the company. Wall Street Zen raised Innoviva from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. HC Wainwright reaffirmed a “buy” rating and set a $46.00 target price on shares of Innoviva in a report on Monday, June 1st. Weiss Ratings reiterated a “buy (b)” rating on shares of Innoviva in a research report on Wednesday. Finally, BTIG Research reissued a “buy” rating and issued a $42.00 price target on shares of Innoviva in a research note on Monday, June 22nd. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $36.20.

Innoviva 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.