First Trust Advisors LP Grows Stock Holdings in Innoviva, Inc. $INVA

Key Points

• First Trust Advisors LP increased its Innoviva stake by 134.6% in the first quarter, bringing its holdings to 278,340 shares worth approximately $6.5 million. Institutional investors collectively own 99.12% of the company.
• Innoviva reported quarterly EPS of $0.44, slightly exceeding analyst expectations of $0.43, while revenue of $97.99 million fell short of the $101.57 million estimate.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $36.20, versus the stock’s recent price of $20.97; targets from HC Wainwright and BTIG Research reached $46 and $42, respectively.

First Trust Advisors LP boosted its stake in shares of Innoviva, Inc. (NASDAQ:INVA - Free Report) by 134.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 278,340 shares of the biotechnology company's stock after purchasing an additional 159,718 shares during the period. First Trust Advisors LP owned about 0.38% of Innoviva worth $6,485,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Royal Bank of Canada boosted its stake in shares of Innoviva by 81.1% during the 1st quarter. Royal Bank of Canada now owns 21,530 shares of the biotechnology company's stock worth $389,000 after acquiring an additional 9,639 shares during the last quarter. AQR Capital Management LLC grew its holdings in Innoviva by 17.8% during the first quarter. AQR Capital Management LLC now owns 167,456 shares of the biotechnology company's stock valued at $3,036,000 after purchasing an additional 25,317 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Innoviva by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,882 shares of the biotechnology company's stock valued at $596,000 after purchasing an additional 1,392 shares during the period. NewEdge Advisors LLC purchased a new stake in Innoviva in the first quarter worth about $243,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Innoviva by 21.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 171,116 shares of the biotechnology company's stock worth $3,102,000 after buying an additional 30,792 shares in the last quarter. Hedge funds and other institutional investors own 99.12% of the company's stock.

Innoviva Stock Performance

Shares of INVA opened at $20.97 on Monday. The stock has a market capitalization of $1.55 billion, a PE ratio of 3.49 and a beta of 0.35. The company's fifty day moving average is $22.19 and its 200 day moving average is $22.26. The company has a debt-to-equity ratio of 0.19, a quick ratio of 20.07 and a current ratio of 21.13. Innoviva, Inc. has a fifty-two week low of $16.52 and a fifty-two week high of $25.15.

Innoviva (NASDAQ:INVA - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The biotechnology company reported $0.44 EPS for the quarter, topping analysts' consensus estimates of $0.43 by $0.01. Innoviva had a net margin of 119.89% and a return on equity of 33.33%. The business had revenue of $97.99 million during the quarter, compared to analysts' expectations of $101.57 million. Sell-side analysts expect that Innoviva, Inc. will post 2.2 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on INVA. Wall Street Zen downgraded Innoviva from a "buy" rating to a "hold" rating in a research note on Saturday. HC Wainwright restated a "buy" rating and set a $46.00 target price on shares of Innoviva in a research note on Monday, June 1st. BTIG Research reaffirmed a "buy" rating and set a $42.00 price target on shares of Innoviva in a report on Monday, June 22nd. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Innoviva in a research report on Wednesday, June 24th. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Innoviva currently has a consensus rating of "Moderate Buy" and an average price target of $36.20.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source