PDT Partners LLC Takes $487,000 Position in Innoviva, Inc. $INVA

PDT Partners LLC bought a new stake in Innoviva, Inc. (NASDAQ:INVA – Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 28,629 shares of the biotechnology company’s stock, valued at approximately $487,000.

Several other hedge funds also recently bought and sold shares of INVA. Canada Pension Plan Investment Board purchased a new stake in shares of Innoviva in the 2nd quarter valued at approximately $843,000. Legal & General Group Plc purchased a new position in shares of Innoviva during the second quarter worth about $589,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Innoviva during the second quarter worth about $186,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Innoviva during the second quarter worth about $1,192,000. Finally, Globeflex Capital L P purchased a new position in Innoviva during the 2nd quarter worth approximately $179,000. Hedge funds and other institutional investors own 99.12% of the company’s stock.

Get Innoviva alerts:

Innoviva Trading Down 1.3%

NASDAQ:INVA opened at $20.96 on Friday. Innoviva, Inc. has a 1 year low of $16.52 and a 1 year high of $25.15. The company has a debt-to-equity ratio of 0.21, a quick ratio of 15.18 and a current ratio of 16.01. The stock has a fifty day moving average price of $21.69 and a two-hundred day moving average price of $22.37. The stock has a market capitalization of $1.51 billion, a price-to-earnings ratio of 5.11 and a beta of 0.35.

Analyst Ratings Changes

INVA has been the topic of a number of recent research reports. Cantor Fitzgerald cut their target price on shares of Innoviva from $36.00 to $34.00 and set an “overweight” rating on the stock in a report on Friday, August 7th. Zacks Research lowered Innoviva from a “hold” rating to a “strong sell” rating in a report on Friday, July 31st. HC Wainwright reaffirmed a “buy” rating and set a $46.00 price objective on shares of Innoviva in a research report on Monday, June 1st. BTIG Research restated a “buy” rating and set a $42.00 price target on shares of Innoviva in a research note on Monday, June 22nd. Finally, Weiss Ratings lowered shares of Innoviva from a “buy (b)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $34.75.

Get Our Latest Analysis on Innoviva

Innoviva Profile

(Free Report)

Innoviva, Inc, incorporated in Delaware and headquartered in San Francisco, California, is a royalty-focused life sciences company. It acquires, manages and monetizes royalty and license interests in biopharmaceutical products, with a primary emphasis on inhaled respiratory therapies. Innoviva’s portfolio is anchored by royalties on therapies originally developed by its former affiliate, now marketed by GlaxoSmithKline, including several long-acting inhaled products approved for chronic obstructive pulmonary disease (COPD) and asthma.

The company was established through a spin‐out transaction in 2014, separating the royalty assets from a research‐based biopharmaceutical enterprise to create a specialized investment vehicle.

Featured Stories

• Five stocks we like better than Innoviva
• Nutanix’s Rally Has a Bigger Story Than Earnings as AMD’s AI Bet Takes Shape
• SEC Probe Puts Wall Street Leverage Risk Back in Focus
• A Bearish-Dollar Options Surge Raises the Stakes for Warsh at Jackson Hole
• Five Below’s Turnaround Is Working—But Has the Stock Run Too Far?

Receive News & Ratings for Innoviva Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Innoviva and related companies with MarketBeat.com's FREE daily email newsletter.