JPMorgan Chase & Co. boosted its position in shares of Innoviva Inc (NASDAQ:INVA) by 179.7% in the third quarter, HoldingsChannel.com reports. The fund owned 1,026,320 shares of the biotechnology company’s stock after acquiring an additional 659,372 shares during the quarter. JPMorgan Chase & Co.’s holdings in Innoviva were worth $15,641,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also recently modified their holdings of INVA. OppenheimerFunds Inc. acquired a new stake in Innoviva during the 2nd quarter worth about $142,000. Jane Street Group LLC acquired a new position in shares of Innoviva in the 2nd quarter valued at about $147,000. Itau Unibanco Holding S.A. acquired a new position in shares of Innoviva in the 2nd quarter valued at about $167,000. First Quadrant L P CA lifted its holdings in shares of Innoviva by 506.7% in the 3rd quarter. First Quadrant L P CA now owns 11,012 shares of the biotechnology company’s stock valued at $168,000 after buying an additional 9,197 shares during the period. Finally, Stevens Capital Management LP acquired a new position in shares of Innoviva in the 2nd quarter valued at about $183,000. 73.21% of the stock is owned by institutional investors.
Several equities analysts have recently issued reports on INVA shares. ValuEngine cut Innoviva from a “hold” rating to a “sell” rating in a report on Tuesday, September 4th. BidaskClub raised Innoviva from a “hold” rating to a “buy” rating in a report on Saturday, September 29th. Finally, Zacks Investment Research raised Innoviva from a “hold” rating to a “buy” rating and set a $18.00 price objective for the company in a report on Wednesday, November 7th. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Innoviva has a consensus rating of “Buy” and a consensus price target of $17.00.
Shares of INVA stock opened at $17.86 on Friday. The stock has a market capitalization of $1.78 billion, a PE ratio of 15.26 and a beta of 2.27. Innoviva Inc has a 52-week low of $12.62 and a 52-week high of $18.60.
Innoviva (NASDAQ:INVA) last issued its quarterly earnings data on Wednesday, October 31st. The biotechnology company reported $0.43 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.49 by ($0.06). The company had revenue of $61.70 million during the quarter, compared to analyst estimates of $64.00 million. Innoviva had a net margin of 75.67% and a negative return on equity of 110.01%. The business’s quarterly revenue was up 27.0% compared to the same quarter last year. During the same period last year, the firm earned $0.21 EPS. Sell-side analysts expect that Innoviva Inc will post 1.91 earnings per share for the current year.
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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).
Further Reading: Closed-End Mutual Funds (CEFs)
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