Connor Clark & Lunn Investment Management Ltd. bought a new position in Innoviva, Inc. (NASDAQ:INVA – Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 179,641 shares of the biotechnology company’s stock, valued at approximately $3,054,000. Connor Clark & Lunn Investment Management Ltd. owned 0.24% of Innoviva at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of INVA. Parallel Advisors LLC lifted its holdings in shares of Innoviva by 82.8% in the first quarter. Parallel Advisors LLC now owns 1,179 shares of the biotechnology company’s stock valued at $27,000 after buying an additional 534 shares during the period. Allworth Financial LP acquired a new position in Innoviva during the second quarter worth about $42,000. EverSource Wealth Advisors LLC grew its holdings in Innoviva by 297.7% during the second quarter. EverSource Wealth Advisors LLC now owns 2,398 shares of the biotechnology company’s stock worth $48,000 after acquiring an additional 1,795 shares during the period. Danske Bank A S bought a new stake in Innoviva in the third quarter worth about $55,000. Finally, Lazard Asset Management LLC bought a new stake in Innoviva in the second quarter worth about $92,000. 99.12% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of brokerages have weighed in on INVA. Cantor Fitzgerald cut their price target on shares of Innoviva from $36.00 to $34.00 and set an “overweight” rating for the company in a report on Friday, August 7th. Zacks Research downgraded shares of Innoviva from a “hold” rating to a “strong sell” rating in a report on Friday, July 31st. HC Wainwright reissued a “buy” rating and set a $46.00 target price on shares of Innoviva in a research note on Monday, June 1st. Wall Street Zen cut shares of Innoviva from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Finally, BTIG Research restated a “buy” rating and issued a $42.00 price target on shares of Innoviva in a research report on Monday, June 22nd. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $34.75.
Innoviva Trading Up 0.0%
Shares of INVA opened at $20.97 on Friday. The business’s 50-day moving average price is $21.66 and its 200 day moving average price is $22.36. The stock has a market capitalization of $1.52 billion, a P/E ratio of 5.11 and a beta of 0.35. Innoviva, Inc. has a 1-year low of $16.52 and a 1-year high of $25.15. The company has a current ratio of 16.01, a quick ratio of 15.18 and a debt-to-equity ratio of 0.21.
Innoviva Profile
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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