Hsbc Holdings PLC Buys Shares of 49,428 Innoviva, Inc. $INVA

Key Points

• HSBC Holdings PLC acquired 49,428 Innoviva shares during the second quarter, valued at approximately $843,000 and representing 0.07% of the company. Institutional investors collectively own 99.12% of Innoviva.
• Analyst sentiment is mixed: Innoviva has an average “Hold” rating and a consensus price target of $34.75, with recent ratings ranging from “Strong Sell” to “Buy.”
• Innoviva shares opened at $21.08, while the stock has traded between $16.52 and $25.15 over the past year. The royalty-focused life sciences company has a $1.52 billion market capitalization and a P/E ratio of 5.14.

Hsbc Holdings PLC acquired a new position in Innoviva, Inc. (NASDAQ:INVA - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 49,428 shares of the biotechnology company's stock, valued at approximately $843,000. Hsbc Holdings PLC owned 0.07% of Innoviva as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Parallel Advisors LLC increased its stake in shares of Innoviva by 82.8% in the first quarter. Parallel Advisors LLC now owns 1,179 shares of the biotechnology company's stock valued at $27,000 after purchasing an additional 534 shares during the period. Allworth Financial LP acquired a new position in shares of Innoviva during the second quarter worth approximately $42,000. EverSource Wealth Advisors LLC raised its stake in Innoviva by 297.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,398 shares of the biotechnology company's stock valued at $48,000 after acquiring an additional 1,795 shares in the last quarter. Danske Bank A S bought a new stake in Innoviva during the 3rd quarter valued at $55,000. Finally, Lazard Asset Management LLC acquired a new position in Innoviva during the 2nd quarter worth $92,000. 99.12% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on INVA shares. Cantor Fitzgerald cut their price objective on shares of Innoviva from $36.00 to $34.00 and set an "overweight" rating on the stock in a research note on Friday, August 7th. Wall Street Zen lowered shares of Innoviva from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. Zacks Research cut shares of Innoviva from a "hold" rating to a "strong sell" rating in a research report on Friday, July 31st. BTIG Research reiterated a "buy" rating and set a $42.00 price objective on shares of Innoviva in a research report on Monday, June 22nd. Finally, HC Wainwright reiterated a "buy" rating and issued a $46.00 target price on shares of Innoviva in a report on Monday, June 1st. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $34.75.

Innoviva Price Performance

Shares of NASDAQ:INVA opened at $21.08 on Wednesday. The company has a debt-to-equity ratio of 0.21, a current ratio of 16.01 and a quick ratio of 15.18. The business has a 50-day moving average of $21.57 and a two-hundred day moving average of $22.35. The stock has a market capitalization of $1.52 billion, a P/E ratio of 5.14 and a beta of 0.33. Innoviva, Inc. has a fifty-two week low of $16.52 and a fifty-two week high of $25.15.

Innoviva Company 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.

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