First Trust Advisors LP Buys 65,364 Shares of Innoviva Inc (INVA)
First Trust Advisors LP boosted its stake in shares of Innoviva Inc (NASDAQ:INVA) by 54.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 186,466 shares of the biotechnology company’s stock after buying an additional 65,364 shares during the quarter. First Trust Advisors LP owned approximately 0.18% of Innoviva worth $2,573,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. SG Americas Securities LLC acquired a new position in shares of Innoviva in the 1st quarter valued at about $113,000. Bayesian Capital Management LP acquired a new position in shares of Innoviva in the 1st quarter valued at about $197,000. Highbridge Capital Management LLC acquired a new position in shares of Innoviva in the 1st quarter valued at about $236,000. Element Capital Management LLC acquired a new position in shares of Innoviva in the 1st quarter valued at about $338,000. Finally, Quantbot Technologies LP lifted its stake in shares of Innoviva by 106.1% in the 1st quarter. Quantbot Technologies LP now owns 21,769 shares of the biotechnology company’s stock valued at $362,000 after purchasing an additional 11,208 shares during the period. 72.69% of the stock is currently owned by hedge funds and other institutional investors.
In related news, VP Theodore J. Jr. Witek sold 8,504 shares of the company’s stock in a transaction that occurred on Tuesday, August 21st. The stock was sold at an average price of $14.12, for a total transaction of $120,076.48. Following the transaction, the vice president now directly owns 256,271 shares of the company’s stock, valued at approximately $3,618,546.52. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 1.60% of the stock is currently owned by corporate insiders.
Innoviva (NASDAQ:INVA) last posted its quarterly earnings results on Thursday, July 26th. The biotechnology company reported $0.49 earnings per share for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.06). Innoviva had a negative return on equity of 83.69% and a net margin of 70.01%. The firm had revenue of $67.09 million for the quarter, compared to analyst estimates of $68.50 million. During the same period last year, the company posted $0.30 earnings per share. The firm’s quarterly revenue was up 14.6% compared to the same quarter last year. equities research analysts forecast that Innoviva Inc will post 1.83 earnings per share for the current year.
A number of brokerages have recently issued reports on INVA. BidaskClub raised Innoviva from a “hold” rating to a “buy” rating in a research note on Saturday, June 2nd. ValuEngine downgraded Innoviva from a “hold” rating to a “sell” rating in a research note on Tuesday, September 4th. Stifel Nicolaus reissued a “hold” rating and issued a $16.00 price objective on shares of Innoviva in a research note on Monday, June 25th. Finally, Zacks Investment Research raised Innoviva from a “strong sell” rating to a “hold” rating in a research note on Tuesday, June 26th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $13.67.
Innoviva, Inc engages in the development and commercialization of bio-pharmaceuticals. Its portfolio of respiratory products include RELVAR/BREO ELLIPTA, (fluticasone furoate/ vilanterol, FF/VI); ANORO ELLIPTA (umeclidinium bromide/ vilanterol, UMEC/VI); and TRELEGY ELLIPTA (the combination FF/UMEC/VI).
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