Invesco Ltd. Has $14.92 Million Position in Innoviva, Inc. $INVA

Key Points

• Invesco Ltd. has reduced its stake in Innoviva, Inc. by 21.8%, owning approximately 1.31% of the company, following the sale of 229,070 shares in the first quarter.
• Innoviva reported an earnings per share (EPS) of $0.77 for the last quarter, beating expectations and generating $100.28 million in revenue.
• Shares of Innoviva have seen recent analyst upgrades, with HC Wainwright raising their price target to $45.00 and maintaining a "buy" rating.

Invesco Ltd. trimmed its stake in Innoviva, Inc. (NASDAQ:INVA - Free Report) by 21.8% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 822,809 shares of the biotechnology company's stock after selling 229,070 shares during the period. Invesco Ltd. owned 1.31% of Innoviva worth $14,918,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. SG Americas Securities LLC acquired a new position in Innoviva during the first quarter valued at approximately $737,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Innoviva by 3.8% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 31,490 shares of the biotechnology company's stock worth $546,000 after acquiring an additional 1,162 shares during the period. Principal Financial Group Inc. lifted its position in Innoviva by 2.6% during the 1st quarter. Principal Financial Group Inc. now owns 305,476 shares of the biotechnology company's stock worth $5,538,000 after acquiring an additional 7,700 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in Innoviva by 10.3% during the first quarter. Farther Finance Advisors LLC now owns 8,516 shares of the biotechnology company's stock valued at $153,000 after acquiring an additional 795 shares during the period. Finally, US Bancorp DE grew its position in shares of Innoviva by 356.0% in the first 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. Institutional investors own 99.12% of the company's stock.

Innoviva Price Performance

NASDAQ INVA traded down $0.08 during trading on Wednesday, reaching $19.86. 259,742 shares of the company traded hands, compared to its average volume of 820,165. Innoviva, Inc. has a 1-year low of $16.67 and a 1-year high of $22.00. The company has a market cap of $1.25 billion, a price-to-earnings ratio of 64.05 and a beta of 0.38. The stock's 50 day moving average price is $19.63 and its two-hundred day moving average price is $18.88. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.44 and a current ratio of 2.64.

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

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on INVA shares. Wall Street Zen cut Innoviva from a "strong-buy" rating to a "buy" rating in a research report on Sunday. Cantor Fitzgerald initiated coverage on Innoviva in a report on Friday, July 11th. They set an "overweight" rating and a $26.00 price target for the company. Oppenheimer initiated coverage on Innoviva in a research report on Monday, August 11th. They issued an "outperform" rating and a $45.00 price objective for the company. Finally, HC Wainwright increased their price target on shares of Innoviva from $40.00 to $45.00 and gave the company a "buy" rating in a report on Monday, August 11th. Four equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $42.75.

Innoviva 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.