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

Hsbc Holdings PLC acquired a new stake in Innoviva, Inc. (NASDAQ:INVA) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 323,646 shares of the biotechnology company’s stock, valued at approximately $6,428,000. Hsbc Holdings PLC owned 0.43% of Innoviva as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Oliver Luxxe Assets LLC acquired a new position in Innoviva in the fourth quarter valued at approximately $1,693,000. Orion Porfolio Solutions LLC grew its stake in shares of Innoviva by 28.2% during the 3rd quarter. Orion Porfolio Solutions LLC now owns 101,858 shares of the biotechnology company’s stock worth $1,859,000 after purchasing an additional 22,412 shares during the period. Jennison Associates LLC acquired a new stake in shares of Innoviva during the 4th quarter worth approximately $928,000. Royce & Associates LP increased its holdings in shares of Innoviva by 641.2% during the 3rd quarter. Royce & Associates LP now owns 505,906 shares of the biotechnology company’s stock valued at $9,233,000 after purchasing an additional 437,654 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH increased its holdings in shares of Innoviva by 49.9% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 173,119 shares of the biotechnology company’s stock valued at $3,457,000 after purchasing an additional 57,616 shares in the last quarter. Hedge funds and other institutional investors own 99.12% of the company’s stock.

Analysts Set New Price Targets

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

Innoviva Trading Up 0.9%

Shares of INVA stock opened at $23.57 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 21.13 and a quick ratio of 20.07. The company has a market cap of $1.74 billion, a price-to-earnings ratio of 3.92 and a beta of 0.35. The stock has a 50 day simple moving average of $22.72 and a 200-day simple moving average of $21.91. Innoviva, Inc. has a 1-year low of $16.52 and a 1-year high of $25.15.

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

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.