Dimensional Fund Advisors LP recently announced the acquisition of new stake in Innoviva Inc (NASDAQ:INVA). The institutional investor has increased its shareholding in the Healthcare company by 6.44% to 4.45 million shares with purchase of 0.27 million shares. This fresh investment now brings its stake to 6.95% valued currently at $61.64 million. In addition, Renaissance Technologies LLC raised its holdings by 0.15 million to 4.0 million shares. And Westfield Capital Management Co. has lifted its position by 6.66% or 0.13 million shares – to 2.05 million shares.
With over 0.45 million Innoviva Inc (INVA) shares trading Friday and a closing price of $16.22 on the day, the dollar volume was approximately $7.35 million. The shares have shown a positive half year performance of 28.32% and its price on 12/22/23 gained nearly 0.06%. Currently, there are 69.19M common shares owned by the public and among those 63.38M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 1 analysts who have offered their price forecasts for INVA have a consensus price objective of $15.00. The analysts have set the share’s price value over the next 12 months at a high of $15.00 and a low of $15.00. The average price target is -8.13% below its recent price level and a downside to the estimated low will see the stock lose -8.13% over that period. But a downside of -8.13% will see the stock hit the forecast high price target while median target price for the stock is $15.00.
Insiders at the company have transacted a total of 26 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 21 of these insider trades were purchases, accounting for 840,890 shares. Insider sales of the common stock occurred on 5 occasions, with total insider shares sold totaling 14,415 shares.
The top 3 mutual fund holders in Innoviva Inc are Putnam Global Health Care Fund, iShares Core S&P Small Cap ETF, and Vanguard Total Stock Market ETF. Putnam Global Health Care Fund owns 5.16 million shares of the company’s stock, all valued at over $71.43 million. The company sold 51618.0 shares recently to bring their total holdings to about 8.05% of the shares outstanding. iShares Core S&P Small Cap ETF bought 2118.0 shares to see its total holdings expand to 3.83 million shares valued at over $53.11 million and representing 5.98% of the shares outstanding. Vanguard Total Stock Market ETF now owns shares totaling to 3.01% of the shares outstanding.
Shares of Innoviva Inc (NASDAQ: INVA) opened at $16.26, up $0.05 from a prior closing price of $16.21. However, the script later moved the day high at 16.43, up 0.06%. The company’s stock has a 5-day price change of 4.71% and 24.20% over the past three months. INVA shares are trading 22.42% year to date (YTD), with the 12-month market performance up to 26.42% higher. It has a 12-month low price of $10.64 and touched a high of $16.23 over the same period. INVA has an average intraday trading volume of 791.67K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 9.08%, 16.83%, and 25.62% respectively.
Institutional ownership of Innoviva Inc (NASDAQ: INVA) shares accounts for 108.69% of the company’s 69.19M shares outstanding. Mutual fund holders own 51.59%, while other institutional holders and individual stakeholders account for 57.22% and 16.75% respectively.
It has a market capitalization of $1.04B and a beta (3y monthly) value of 0.55. The stock’s trailing 12-month PE ratio is 36.71, while the earnings-per-share (ttm) stands at $0.44. The company has a PEG of 1.90 and a Quick Ratio of 7.31 with the debt-to-equity ratio at 0.83. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.86% over the week and 2.69% over the month.
Analysts forecast that Innoviva Inc (INVA) will achieve an EPS of $0.23 for the current quarter, $0.18 for the next quarter and $0.82 for 2024. The lowest estimate earnings-per-share for the quarter is $0.23 while analysts give the company a high EPS estimate of $0.23. Comparatively, EPS for the current quarter was -$0.98 a year ago. Earnings per share for the fiscal year are expected to decrease by -29.54%, and -50.90% over the next financial year. EPS should grow at an annualized rate of 19.34% over the next five years, compared to 15.22% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 1 brokerage firm advisors rate Innoviva Inc (INVA) as a “Hold” at a consensus score of 3.00. Specifically, 0 Wall Street analysts polled rate the stock as a buy, while 1 of the 1 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the INVA, a number of firms have released research notes about the stock. Goldman stated their Neutral rating for the stock in a research note on July 20, 2022, with the firm’s price target at $16.
