Hsbc Holdings PLC Decreases Position in Innoviva, Inc. $INVA

Key Points

• HSBC Holdings PLC cut its stake in Innoviva by 68.6% in the first quarter, selling 222,038 shares and leaving it with 101,608 shares worth about $2.38 million.
• Despite HSBC’s reduction, institutional ownership remains very high, with hedge funds and other institutions holding about 99.12% of Innoviva’s stock. Several firms, including Vanguard and Arrowstreet, increased their positions.
• Innoviva reported better-than-expected quarterly EPS of $0.44, though revenue of $97.99 million missed estimates slightly. Analysts currently have a Moderate Buy consensus with an average price target of $36.20.

Hsbc Holdings PLC reduced its holdings in shares of Innoviva, Inc. (NASDAQ:INVA - Free Report) by 68.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 101,608 shares of the biotechnology company's stock after selling 222,038 shares during the period. Hsbc Holdings PLC owned approximately 0.14% of Innoviva worth $2,378,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Innoviva by 11.6% in the 4th quarter. Vanguard Group Inc. now owns 7,917,103 shares of the biotechnology company's stock worth $158,263,000 after purchasing an additional 819,757 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of Innoviva by 38.1% in the third quarter. Arrowstreet Capital Limited Partnership now owns 2,358,633 shares of the biotechnology company's stock worth $43,045,000 after buying an additional 650,151 shares during the last quarter. Boston Partners lifted its stake in shares of Innoviva by 63.6% during the third quarter. Boston Partners now owns 1,431,601 shares of the biotechnology company's stock worth $26,125,000 after buying an additional 556,517 shares during the period. Qube Research & Technologies Ltd lifted its stake in shares of Innoviva by 68.2% during the third quarter. Qube Research & Technologies Ltd now owns 1,023,534 shares of the biotechnology company's stock worth $18,679,000 after buying an additional 414,889 shares during the period. Finally, Royce & Associates LP grew its holdings in shares of Innoviva by 81.9% during the fourth quarter. Royce & Associates LP now owns 920,317 shares of the biotechnology company's stock valued at $18,397,000 after buying an additional 414,411 shares during the last quarter. Institutional investors and hedge funds own 99.12% of the company's stock.

Innoviva Stock Up 1.1%

INVA stock opened at $21.44 on Friday. The firm's fifty day moving average is $22.26 and its 200 day moving average is $22.18. The firm has a market cap of $1.58 billion, a PE ratio of 3.57 and a beta of 0.34. Innoviva, Inc. has a one year low of $16.52 and a one year high of $25.15. 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 (NASDAQ:INVA - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The biotechnology company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.01. Innoviva had a return on equity of 33.33% and a net margin of 119.89%.The firm had revenue of $97.99 million during the quarter, compared to analyst estimates of $101.57 million. On average, research analysts forecast that Innoviva, Inc. will post 2.2 EPS for the current year.

Analyst Upgrades and Downgrades

INVA has been the topic of several research analyst reports. Weiss Ratings reiterated a "buy (b)" rating on shares of Innoviva in a research note on Wednesday, June 24th. Wall Street Zen raised Innoviva from a "hold" rating to a "buy" rating in a report on Saturday, June 6th. HC Wainwright reiterated a "buy" rating and issued a $46.00 target price on shares of Innoviva in a research report on Monday, June 1st. Finally, BTIG Research reissued a "buy" rating and set a $42.00 price target on shares of Innoviva in a research report on Monday, June 22nd. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $36.20.

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.

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