70,000 Shares in Innoviva, Inc. $INVA Purchased by Chase Investment Counsel Corp

Key Points

• Chase Investment Counsel Corp acquired 70,000 Innoviva shares worth approximately $1.59 million, representing about 0.09% of the company.
• Institutional ownership remains very high at 99.12%, with Vanguard, Arrowstreet Capital, Boston Partners and Qube Research among the firms increasing their positions.
• Innoviva shares opened at $21.19, while analysts hold a consensus “Hold” rating and an average price target of $34.75, despite mixed recent recommendations.

Chase Investment Counsel Corp acquired a new stake in shares of Innoviva, Inc. (NASDAQ:INVA - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 70,000 shares of the biotechnology company's stock, valued at approximately $1,589,000. Chase Investment Counsel Corp owned approximately 0.09% of Innoviva at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Innoviva by 11.6% in the fourth quarter. Vanguard Group Inc. now owns 7,917,103 shares of the biotechnology company's stock worth $158,263,000 after acquiring an additional 819,757 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Innoviva by 38.1% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,358,633 shares of the biotechnology company's stock valued at $43,045,000 after acquiring an additional 650,151 shares in the last quarter. Boston Partners boosted its stake in Innoviva by 63.6% in the 3rd quarter. Boston Partners now owns 1,431,601 shares of the biotechnology company's stock worth $26,125,000 after purchasing an additional 556,517 shares during the period. Bank of New York Mellon Corp acquired a new position in Innoviva in the 2nd quarter worth approximately $11,607,000. Finally, Qube Research & Technologies Ltd grew its position in Innoviva by 68.2% during the 3rd quarter. Qube Research & Technologies Ltd now owns 1,023,534 shares of the biotechnology company's stock worth $18,679,000 after purchasing an additional 414,889 shares in the last quarter. 99.12% of the stock is currently owned by institutional investors and hedge funds.

Innoviva Price Performance

Innoviva stock opened at $21.19 on Monday. Innoviva, Inc. has a twelve month low of $16.52 and a twelve month 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 firm has a market cap of $1.53 billion, a PE ratio of 5.17 and a beta of 0.35. The firm's 50 day moving average price is $21.95 and its two-hundred day moving average price is $22.34.

Analyst Upgrades and Downgrades

Several analysts have issued reports on INVA shares. Wall Street Zen downgraded shares of Innoviva from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. Zacks Research downgraded Innoviva from a "hold" rating to a "strong sell" rating in a report on Friday, July 31st. Cantor Fitzgerald dropped their price target on Innoviva from $36.00 to $34.00 and set an "overweight" rating on the stock in a research report on Friday, August 7th. BTIG Research reissued a "buy" rating and issued a $42.00 price objective on shares of Innoviva in a research note on Monday, June 22nd. Finally, Weiss Ratings lowered Innoviva from a "buy (b)" rating to a "hold (c+)" rating in a research report on Tuesday, August 11th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $34.75.

Innoviva Company 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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