62,184 Shares of Innoviva, Inc. $INVA Bought by Fluent Financial LLC

Key Points

• Fluent Financial LLC acquired 62,184 Innoviva shares during the third quarter, valued at approximately $1.32 million, giving it a 0.09% stake.
• Institutional ownership remains very high at 99.12%, with BlackRock, Bank of America, Deutsche Bank and other major investors recently establishing positions.
• Innoviva shares fell 3.3% to $20.74, while analysts maintain a “Moderate Buy” consensus and an average price target of $39.25.

Fluent Financial LLC bought a new position in Innoviva, Inc. (NASDAQ:INVA - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 62,184 shares of the biotechnology company's stock, valued at approximately $1,319,000. Fluent Financial LLC owned about 0.09% of Innoviva as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of INVA. BlackRock Inc. acquired a new position in Innoviva during the second quarter worth approximately $77,562,000. Bank of America Corp DE purchased a new stake in shares of Innoviva during the 2nd quarter valued at $37,873,000. Deutsche Bank AG purchased a new stake in shares of Innoviva during the 2nd quarter valued at $20,847,000. William Blair Investment Management LLC purchased a new stake in shares of Innoviva during the 2nd quarter valued at $14,584,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Innoviva during the 2nd quarter worth $11,607,000. 99.12% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Cantor Fitzgerald cut their target price on Innoviva from $36.00 to $34.00 and set an "overweight" rating on the stock in a research report on Friday, August 7th. Zacks Research raised Innoviva from a "strong sell" rating to a "hold" rating in a research report on Monday, August 31st. Oppenheimer initiated coverage on Innoviva in a research note on Wednesday, September 23rd. They set an "outperform" rating and a $35.00 price target for the company. Weiss Ratings lowered Innoviva from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, September 24th. Finally, Wall Street Zen downgraded Innoviva from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $39.25.

Innoviva Stock Down 3.3%

Shares of NASDAQ:INVA traded down $0.71 during midday trading on Tuesday, hitting $20.74. 811,562 shares of the company's stock traded hands, compared to its average volume of 784,615. The firm's fifty day moving average price is $20.97 and its two-hundred day moving average price is $22.01. 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, Inc. has a twelve month low of $16.52 and a twelve month high of $25.15. The company has a market cap of $1.50 billion, a PE ratio of 5.06, a P/E/G ratio of 3.06 and a beta of 0.38.

Innoviva Profile

Innoviva, Inc is a healthcare company focused on acquiring, developing and commercializing pharmaceutical assets, with a particular emphasis on medicines for respiratory and infectious diseases. The company generates a substantial portion of its business through royalty interests in marketed products and also invests in healthcare companies and development-stage therapies.

Innoviva holds royalty rights related to several respiratory medicines developed in collaboration with GlaxoSmithKline, including Trelegy Ellipta, Anoro Ellipta and Breo Ellipta, which is marketed as Relvar Ellipta in some international markets.

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