Headlands Technologies LLC increased its stake in shares of Innoviva, Inc. (NASDAQ:INVA – Free Report) by 397.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 49,033 shares of the biotechnology company’s stock after acquiring an additional 39,177 shares during the quarter. Headlands Technologies LLC’s holdings in Innoviva were worth $1,114,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently bought and sold shares of INVA. Royal Bank of Canada increased its stake in shares of Innoviva by 81.1% in the first quarter. Royal Bank of Canada now owns 21,530 shares of the biotechnology company’s stock worth $389,000 after buying an additional 9,639 shares during the period. AQR Capital Management LLC boosted its position in Innoviva by 17.8% during the 1st quarter. AQR Capital Management LLC now owns 167,456 shares of the biotechnology company’s stock valued at $3,036,000 after buying an additional 25,317 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Innoviva by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,882 shares of the biotechnology company’s stock valued at $596,000 after buying an additional 1,392 shares during the period. NewEdge Advisors LLC bought a new stake in Innoviva in the 1st quarter worth $243,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Innoviva by 21.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 171,116 shares of the biotechnology company’s stock worth $3,102,000 after acquiring an additional 30,792 shares during the last quarter. Institutional investors own 99.12% of the company’s stock.
Analyst Ratings Changes
A number of research firms have commented on INVA. Zacks Research lowered Innoviva from a “hold” rating to a “strong sell” rating in a research report on Friday, July 31st. BTIG Research reiterated a “buy” rating and issued a $42.00 price objective on shares of Innoviva in a research report on Monday, June 22nd. Wall Street Zen cut Innoviva from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. HC Wainwright restated a “buy” rating and set a $46.00 target price on shares of Innoviva in a report on Monday, June 1st. Finally, Cantor Fitzgerald dropped their price target on Innoviva from $36.00 to $34.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $34.75.
Innoviva Price Performance
INVA stock opened at $20.77 on Tuesday. The company has a debt-to-equity ratio of 0.21, a current ratio of 16.01 and a quick ratio of 15.18. Innoviva, Inc. has a 1 year low of $16.52 and a 1 year high of $25.15. The firm has a 50-day moving average of $21.62 and a 200 day moving average of $22.36. The company has a market cap of $1.50 billion, a P/E ratio of 5.07 and a beta of 0.35.
About Innoviva
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.
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