Legal & General Group Plc acquired a new position in shares of Innoviva, Inc. (NASDAQ:INVA – Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 34,654 shares of the biotechnology company’s stock, valued at approximately $589,000.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in INVA. The Manufacturers Life Insurance Company bought a new stake in shares of Innoviva in the second quarter worth about $186,000. The Manufacturers Life Insurance Company bought a new position in shares of Innoviva during the 2nd quarter valued at about $692,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Innoviva during the 2nd quarter valued at about $1,192,000. Globeflex Capital L P bought a new position in shares of Innoviva during the 2nd quarter valued at about $179,000. Finally, Kendall Capital Management acquired a new position in shares of Innoviva in the 2nd quarter valued at approximately $876,000. 99.12% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
INVA has been the subject of a number of research reports. Zacks Research raised Innoviva from a “strong sell” rating to a “hold” rating in a research note on Monday, August 31st. HC Wainwright reaffirmed a “buy” rating and issued a $46.00 price target 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. Cantor Fitzgerald lowered their price objective on shares of Innoviva from $36.00 to $34.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. Finally, Weiss Ratings lowered shares of Innoviva from a “buy (b)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Innoviva currently has an average rating of “Hold” and a consensus price target of $34.75.
Innoviva Stock Up 0.0%
NASDAQ:INVA opened at $21.34 on Wednesday. The stock has a 50-day simple moving average of $21.37 and a 200 day simple moving average of $22.29. Innoviva, Inc. has a 52-week low of $16.52 and a 52-week high of $25.15. The company has a market cap of $1.54 billion, a PE ratio of 5.20 and a beta of 0.33. The company has a debt-to-equity ratio of 0.21, a quick ratio of 15.18 and a current ratio of 16.01.
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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