Innoviva, Inc. (INVA) Position Increased by BNP Paribas Arbitrage SA
BNP Paribas Arbitrage SA raised its stake in Innoviva, Inc. (NASDAQ:INVA) by 11.6% during the first quarter, Holdings Channel reports. The fund owned 15,984 shares of the biotechnology company’s stock after buying an additional 1,656 shares during the period. BNP Paribas Arbitrage SA’s holdings in Innoviva were worth $221,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of the company. ARP Americas LLC acquired a new position in Innoviva during the first quarter valued at $173,000. Brown Advisory Inc. acquired a new position in Innoviva during the fourth quarter valued at $225,000. Assenagon Asset Management S.A. acquired a new position in Innoviva during the fourth quarter valued at $278,000. Menta Capital LLC acquired a new position in Innoviva during the fourth quarter valued at $301,000. Finally, Louisiana State Employees Retirement System increased its position in Innoviva by 1.9% in the first quarter. Louisiana State Employees Retirement System now owns 31,600 shares of the biotechnology company’s stock valued at $437,000 after buying an additional 600 shares during the last quarter. Institutional investors and hedge funds own 75.06% of the company’s stock.
Shares of Innoviva, Inc. (INVA) opened at 11.97 on Friday. The stock has a market capitalization of $1.31 billion, a PE ratio of 18.94 and a beta of 2.56. The stock’s 50 day moving average price is $12.00 and its 200 day moving average price is $11.87. Innoviva, Inc. has a one year low of $8.67 and a one year high of $14.55.
Innoviva (NASDAQ:INVA) last issued its quarterly earnings results on Thursday, April 27th. The biotechnology company reported $0.15 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.27 by $0.12. The firm had revenue of $40.50 million during the quarter, compared to analyst estimates of $47.66 million. Innoviva had a negative return on equity of 20.29% and a net margin of 48.00%. The business’s revenue was up 67.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.09 earnings per share. Equities research analysts predict that Innoviva, Inc. will post $1.08 EPS for the current fiscal year.
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Several analysts have recently issued reports on the company. Cowen and Company set a $16.00 price objective on Innoviva and gave the stock a “buy” rating in a report on Monday, May 1st. Zacks Investment Research cut Innoviva from a “buy” rating to a “hold” rating in a report on Tuesday, March 21st. Robert W. Baird reaffirmed a “neutral” rating and set a $11.00 price objective on shares of Innoviva in a report on Tuesday, March 14th. Finally, ValuEngine cut Innoviva from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $13.33.
In other news, VP Theodore J. Jr. Witek sold 7,815 shares of Innoviva stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $12.01, for a total value of $93,858.15. Following the sale, the vice president now directly owns 251,968 shares of the company’s stock, valued at $3,026,135.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.60% of the company’s stock.
Innoviva Company Profile
Innoviva, Inc, formerly Theravance, Inc, is engaged in the development, commercialization and financial management of bio-pharmaceuticals. It focuses on the respiratory assets partnered with Glaxo Group Limited (GSK), including RELVAR/BREO ELLIPTA (fluticasone furoate (FF)/vilanterol (VI)) and ANORO ELLIPTA (umeclidinium bromide/vilanterol (UMEC/VI)).
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