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. grew its position in shares of Innoviva, Inc. (NASDAQ:INVA - Free Report) by 17.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 1,675,697 shares of the biotechnology company's stock after acquiring an additional 251,382 shares during the quarter. American Century Companies Inc. owned about 2.67% of Innoviva worth $30,380,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. SG Americas Securities LLC bought a new position in shares of Innoviva during the 1st quarter valued at approximately $737,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Innoviva by 3.8% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 31,490 shares of the biotechnology company's stock valued at $546,000 after purchasing an additional 1,162 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Innoviva by 2.6% during the 1st quarter. Principal Financial Group Inc. now owns 305,476 shares of the biotechnology company's stock valued at $5,538,000 after purchasing an additional 7,700 shares during the last quarter. Farther Finance Advisors LLC increased its position in shares of Innoviva by 10.3% during the 1st quarter. Farther Finance Advisors LLC now owns 8,516 shares of the biotechnology company's stock valued at $153,000 after purchasing an additional 795 shares during the last quarter. Finally, US Bancorp DE increased its position in shares of Innoviva by 356.0% during the 1st quarter. US Bancorp DE now owns 12,753 shares of the biotechnology company's stock valued at $231,000 after purchasing an additional 9,956 shares during the last quarter. 99.12% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on INVA. Oppenheimer began coverage on Innoviva in a research report on Monday, August 11th. They set an "outperform" rating and a $45.00 target price on the stock. Cantor Fitzgerald began coverage on Innoviva in a research report on Friday, July 11th. They set an "overweight" rating and a $26.00 target price on the stock. HC Wainwright boosted their target price on Innoviva from $40.00 to $45.00 and gave the company a "buy" rating in a research report on Monday, August 11th. Finally, Wall Street Zen lowered Innoviva from a "strong-buy" rating to a "buy" rating in a research note on Sunday. Four research analysts have rated the stock with a Buy rating, According to MarketBeat, the company has a consensus rating of "Buy" and an average target price of $42.75.

Innoviva Trading Up 0.7%

NASDAQ:INVA traded up $0.14 during midday trading on Tuesday, hitting $19.90. The stock had a trading volume of 191,499 shares, compared to its average volume of 820,390. Innoviva, Inc. has a one year low of $16.67 and a one year high of $22.00. The company has a market capitalization of $1.25 billion, a price-to-earnings ratio of 64.16 and a beta of 0.38. The stock has a 50-day moving average of $19.66 and a 200 day moving average of $18.88. The company has a quick ratio of 2.44, a current ratio of 2.64 and a debt-to-equity ratio of 0.36.

Innoviva (NASDAQ:INVA - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The biotechnology company reported $0.77 earnings per share (EPS) 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 company had revenue of $100.28 million for the quarter, compared to analysts' expectations of $87.10 million. As a group, sell-side analysts forecast that Innoviva, Inc. will post 0.33 EPS for the current year.

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.