Invesco Ltd. Decreases Stake in Innoviva, Inc. $INVA

Invesco Ltd. reduced its stake in shares of Innoviva, Inc. (NASDAQ:INVA) by 21.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 822,809 shares of the biotechnology company’s stock after selling 229,070 shares during the period. Invesco Ltd. owned approximately 1.31% of Innoviva worth $14,918,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its stake in Innoviva by 4.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,919,518 shares of the biotechnology company’s stock worth $85,354,000 after acquiring an additional 226,592 shares during the last quarter. Systematic Financial Management LP increased its holdings in shares of Innoviva by 2.5% in the fourth quarter. Systematic Financial Management LP now owns 2,029,069 shares of the biotechnology company’s stock valued at $35,204,000 after purchasing an additional 49,996 shares during the period. D. E. Shaw & Co. Inc. increased its holdings in shares of Innoviva by 28.1% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 842,647 shares of the biotechnology company’s stock valued at $14,620,000 after purchasing an additional 184,595 shares during the period. Northern Trust Corp raised its stake in shares of Innoviva by 4.0% in the fourth quarter. Northern Trust Corp now owns 679,044 shares of the biotechnology company’s stock worth $11,781,000 after purchasing an additional 26,429 shares during the last quarter. Finally, Man Group plc lifted its holdings in shares of Innoviva by 20.2% during the fourth quarter. Man Group plc now owns 486,869 shares of the biotechnology company’s stock worth $8,447,000 after purchasing an additional 81,891 shares during the period. 99.12% of the stock is owned by institutional investors and hedge funds.

Innoviva Price Performance

Shares of NASDAQ INVA opened at $20.16 on Friday. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.64 and a quick ratio of 2.44. The stock has a market capitalization of $1.27 billion, a price-to-earnings ratio of 65.03 and a beta of 0.38. The firm’s 50 day simple moving average is $19.70 and its 200-day simple moving average is $18.86. Innoviva, Inc. has a 12 month low of $16.67 and a 12 month high of $22.00.

Innoviva (NASDAQ:INVA) last posted its earnings results on Wednesday, August 6th. The biotechnology company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.20. Innoviva had a net margin of 10.44% and a return on equity of 18.67%. The firm had revenue of $100.28 million during the quarter, compared to analysts’ expectations of $87.10 million. Analysts expect that Innoviva, Inc. will post 0.33 EPS for the current year.

Analyst Ratings Changes

INVA has been the topic of several research reports. HC Wainwright increased their price target on shares of Innoviva from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Monday, August 11th. Wall Street Zen raised shares of Innoviva from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 16th. Oppenheimer assumed coverage on shares of Innoviva in a research note on Monday, August 11th. They issued an “outperform” rating and a $45.00 price objective on the stock. Finally, Cantor Fitzgerald assumed coverage on shares of Innoviva in a report on Friday, July 11th. They set an “overweight” rating and a $26.00 target price for the company. Four analysts have rated the stock with a Buy rating, According to MarketBeat, Innoviva currently has a consensus rating of “Buy” and a consensus price target of $42.75.

Innoviva Company Profile

Innoviva, Inc engages in the development and commercialization of pharmaceutical products in the United States and internationally. The company’s products include RELVAR/BREO ELLIPTA, a once-daily combination medicine consisting of a LABA, vilanterol (VI), an inhaled corticosteroid (ICS), and fluticasone furoate; ANORO ELLIPTA, a once-daily medicine combining a long-acting muscarinic antagonist (LAMA) and umeclidinium bromide (UMEC) with a LABA, VI; GIAPREZA (angiotensin II), a vasoconstrictor to increase blood pressure in adults with septic or other distributive shock; XERAVA (eravacycline) for the treatment of complicated intra-abdominal infections in adults; and XACDURO, a beta lactamase inhibitor for the treatment of hospital-acquired bacterial pneumonia and ventilator-associated bacterial pneumonia.