Innoviva, Inc. $INVA Shares Bought by American Century Companies Inc.

Key Points

• American Century Companies Inc. increased its stake in Innoviva, Inc. by 17.6% during the first quarter, owning approximately 2.67% of the company worth around $30.4 million.
• Innoviva reported $0.77 earnings per share in its latest quarter, exceeding the consensus estimate of $0.57, along with revenues of $100.28 million against expectations of $87.10 million.
• Recent analyst reports have been positive, with multiple firms setting price targets between $26.00 and $45.00, and an average rating of 'Buy' for the stock.

American Century Companies Inc. raised its stake in Innoviva, Inc. (NASDAQ:INVA - Free Report) by 17.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,675,697 shares of the biotechnology company's stock after purchasing an additional 251,382 shares during the period. American Century Companies Inc. owned 2.67% of Innoviva worth $30,380,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in INVA. Caitong International Asset Management Co. Ltd purchased a new position in Innoviva in the first quarter valued at approximately $56,000. Tower Research Capital LLC TRC grew its position in shares of Innoviva by 75.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 4,962 shares of the biotechnology company's stock worth $86,000 after acquiring an additional 2,128 shares during the last quarter. Farther Finance Advisors LLC grew its position in shares of Innoviva by 10.3% during the first quarter. Farther Finance Advisors LLC now owns 8,516 shares of the biotechnology company's stock worth $153,000 after acquiring an additional 795 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new position in shares of Innoviva during the fourth quarter worth approximately $184,000. Finally, Bailard Inc. purchased a new position in shares of Innoviva during the first quarter worth approximately $189,000. 99.12% of the stock is currently owned by hedge funds and other institutional investors.

Innoviva Stock Performance

Shares of NASDAQ INVA traded down $0.09 during mid-day trading on Wednesday, hitting $19.84. 645,616 shares of the company were exchanged, compared to its average volume of 824,201. The company has a quick ratio of 2.44, a current ratio of 2.64 and a debt-to-equity ratio of 0.36. The stock has a 50 day simple moving average of $19.59 and a 200-day simple moving average of $18.89. Innoviva, Inc. has a 1-year low of $16.67 and a 1-year high of $22.00. The firm has a market cap of $1.25 billion, a price-to-earnings ratio of 64.00 and a beta of 0.38.

Innoviva (NASDAQ:INVA - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The biotechnology company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.20. Innoviva had a return on equity of 18.67% and a net margin of 10.44%.The firm had revenue of $100.28 million during the quarter, compared to the consensus estimate of $87.10 million. On average, sell-side analysts forecast that Innoviva, Inc. will post 0.33 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on INVA. Wall Street Zen lowered shares of Innoviva from a "strong-buy" rating to a "buy" rating in a research report on Sunday. Cantor Fitzgerald began coverage on shares of Innoviva in a research report on Friday, July 11th. They set an "overweight" rating and a $26.00 target price on the stock. Oppenheimer began coverage on shares of Innoviva in a research report on Monday, August 11th. They set an "outperform" rating and a $45.00 target price on the stock. Finally, HC Wainwright raised their target price on shares of Innoviva from $40.00 to $45.00 and gave the stock a "buy" rating in a research report on Monday, August 11th. Four research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has an average 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.