Hsbc Holdings PLC Takes Position in Innoviva, Inc. (NASDAQ:INVA)

Hsbc Holdings PLC acquired a new position in Innoviva, Inc. (NASDAQ:INVA - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 313,029 shares of the biotechnology company's stock, valued at approximately $5,437,000. Hsbc Holdings PLC owned 0.50% of Innoviva at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Illinois Municipal Retirement Fund boosted its position in Innoviva by 2.8% during the fourth quarter. Illinois Municipal Retirement Fund now owns 29,066 shares of the biotechnology company's stock valued at $504,000 after acquiring an additional 784 shares during the last quarter. China Universal Asset Management Co. Ltd. boosted its holdings in shares of Innoviva by 10.3% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 13,274 shares of the biotechnology company's stock worth $230,000 after buying an additional 1,241 shares in the last quarter. Avantax Advisory Services Inc. increased its stake in shares of Innoviva by 8.1% in the 4th quarter. Avantax Advisory Services Inc. now owns 18,501 shares of the biotechnology company's stock valued at $321,000 after acquiring an additional 1,381 shares in the last quarter. Sterling Capital Management LLC grew its holdings in Innoviva by 6.8% in the fourth quarter. Sterling Capital Management LLC now owns 22,924 shares of the biotechnology company's stock worth $398,000 after purchasing an additional 1,452 shares during the period. Finally, Royce & Associates LP boosted its holdings in Innoviva by 3.0% in the fourth quarter. Royce & Associates LP now owns 59,625 shares of the biotechnology company's stock worth $1,034,000 after acquiring an additional 1,717 shares in the last quarter. 99.12% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on INVA. StockNews.com raised Innoviva from a "hold" rating to a "buy" rating in a research report on Wednesday. Scotiabank initiated coverage on Innoviva in a research note on Friday, March 7th. They issued a "sector outperform" rating and a $55.00 target price on the stock.

Innoviva Stock Performance

Shares of INVA stock traded up $0.07 during trading on Friday, reaching $18.72. 529,002 shares of the company's stock traded hands, compared to its average volume of 632,866. The firm's 50-day moving average is $17.79 and its 200 day moving average is $18.38. The company has a market capitalization of $1.17 billion, a P/E ratio of 27.13 and a beta of 0.48. Innoviva, Inc. has a 1 year low of $15.07 and a 1 year high of $21.28. The company has a current ratio of 1.79, a quick ratio of 1.64 and a debt-to-equity ratio of 0.38.

Innoviva (NASDAQ:INVA - Get Free Report) last posted its earnings results on Wednesday, February 26th. The biotechnology company reported $0.57 earnings per share for the quarter. Innoviva had a net margin of 18.31% and a return on equity of 20.84%. The business had revenue of $91.81 million for the quarter. Equities research analysts expect that Innoviva, Inc. will post 0.33 EPS for the current year.

Insider Buying and Selling

In other news, major shareholder Alexander J. Denner sold 1,196,746 shares of the stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $17.52, for a total transaction of $20,966,989.92. Following the transaction, the insider now directly owns 5,658,705 shares in the company, valued at approximately $99,140,511.60. This represents a 17.46 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.25% of the stock is owned by company insiders.

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.