American Century Companies Inc. Buys 284,253 Shares of Innoviva, Inc. $INVA

American Century Companies Inc. grew its position in Innoviva, Inc. (NASDAQ:INVA) by 13.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,351,006 shares of the biotechnology company’s stock after purchasing an additional 284,253 shares during the quarter. American Century Companies Inc. owned approximately 3.73% of Innoviva worth $42,906,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in INVA. Hohimer Wealth Management LLC purchased a new stake in shares of Innoviva during the third quarter worth about $216,000. AXQ Capital LP purchased a new position in Innoviva in the 3rd quarter worth approximately $201,000. NewEdge Wealth LLC boosted its stake in Innoviva by 22.7% in the 3rd quarter. NewEdge Wealth LLC now owns 45,822 shares of the biotechnology company’s stock worth $835,000 after purchasing an additional 8,472 shares during the period. denkapparat Operations GmbH bought a new position in Innoviva in the 3rd quarter worth approximately $285,000. Finally, Assetmark Inc. grew its holdings in Innoviva by 9.8% during the 3rd quarter. Assetmark Inc. now owns 178,301 shares of the biotechnology company’s stock valued at $3,254,000 after buying an additional 15,903 shares in the last quarter. Institutional investors own 99.12% of the company’s stock.

Innoviva Stock Performance

Shares of NASDAQ:INVA opened at $22.03 on Friday. Innoviva, Inc. has a 52 week low of $16.52 and a 52 week high of $25.15. The company has a market capitalization of $1.63 billion, a price-to-earnings ratio of 7.22 and a beta of 0.42. The company has a quick ratio of 13.85, a current ratio of 14.64 and a debt-to-equity ratio of 0.22. The firm has a 50 day moving average of $21.13 and a 200 day moving average of $20.15.

Innoviva (NASDAQ:INVA) last issued its quarterly earnings data on Wednesday, February 25th. The biotechnology company reported $1.94 EPS for the quarter, beating the consensus estimate of $0.34 by $1.60. Innoviva had a return on equity of 37.63% and a net margin of 65.92%.The firm had revenue of $114.61 million during the quarter, compared to analyst estimates of $102.62 million. On average, sell-side analysts predict that Innoviva, Inc. will post 0.33 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have issued reports on INVA shares. BTIG Research reiterated a “buy” rating and issued a $35.00 price target on shares of Innoviva in a report on Thursday, February 26th. HC Wainwright raised their target price on shares of Innoviva from $45.00 to $46.00 and gave the company a “buy” rating in a report on Tuesday, December 16th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Innoviva in a research note on Monday, December 29th. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Innoviva currently has a consensus rating of “Moderate Buy” and an average target price of $34.80.

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.