Baird Financial Group Inc. Makes New $6.23 Million Investment in Innoviva, Inc. $INVA

Key Points

• Baird Financial Group acquired 274,391 Innoviva shares worth approximately $6.23 million, giving it a 0.38% stake. Institutional investors collectively own 99.12% of the company.
• Innoviva shares opened at $20.90, with a market capitalization of about $1.51 billion and a price-to-earnings ratio of 5.10.
• Analyst sentiment is moderately bullish: Innoviva has a consensus “Moderate Buy” rating and an average price target of $34.75, compared with its recent trading price near $21.

Baird Financial Group Inc. acquired a new stake in Innoviva, Inc. (NASDAQ:INVA - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 274,391 shares of the biotechnology company's stock, valued at approximately $6,231,000. Baird Financial Group Inc. owned 0.38% of Innoviva as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently modified their holdings of the company. Allworth Financial LP increased its holdings in Innoviva by 43.7% in the 2nd quarter. Allworth Financial LP now owns 1,868 shares of the biotechnology company's stock worth $42,000 after buying an additional 568 shares during the period. Nykredit A S acquired a new stake in shares of Innoviva in the second quarter worth $225,000. California State Teachers Retirement System raised its holdings in shares of Innoviva by 2,394.5% during the second quarter. California State Teachers Retirement System now owns 1,857,587 shares of the biotechnology company's stock worth $42,186,000 after purchasing an additional 1,783,119 shares during the last quarter. AXQ Capital LP acquired a new position in Innoviva during the second quarter valued at $827,000. Finally, Headlands Technologies LLC lifted its position in Innoviva by 397.5% during the second quarter. Headlands Technologies LLC now owns 49,033 shares of the biotechnology company's stock valued at $1,114,000 after purchasing an additional 39,177 shares during the period. 99.12% of the stock is currently owned by hedge funds and other institutional investors.

Innoviva Trading Up 1.2%

Shares of INVA stock opened at $20.90 on Tuesday. Innoviva, Inc. has a 1-year low of $16.52 and a 1-year high of $25.15. The company has a market cap of $1.51 billion, a price-to-earnings ratio of 5.10 and a beta of 0.33. The company has a debt-to-equity ratio of 0.21, a current ratio of 16.01 and a quick ratio of 15.18. The stock has a 50 day simple moving average of $21.27 and a 200-day simple moving average of $22.22.

Wall Street Analyst Weigh In

INVA has been the subject of a number of recent research reports. HC Wainwright reiterated a "buy" rating and set a $46.00 price objective on shares of Innoviva in a research note on Monday, June 1st. BTIG Research reaffirmed a "buy" rating and set a $42.00 target price on shares of Innoviva in a report on Monday, June 22nd. Cantor Fitzgerald decreased their price target on Innoviva from $36.00 to $34.00 and set an "overweight" rating for the company in a report on Friday, August 7th. Weiss Ratings raised shares of Innoviva from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, September 9th. Finally, Wall Street Zen cut shares of Innoviva from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Innoviva currently has an average rating of "Moderate Buy" and a consensus price target of $34.75.

About Innoviva

Innoviva, Inc is a biopharmaceutical company focused on developing and commercializing healthcare products through strategic partnerships, royalty arrangements and investments in biotechnology businesses. The company's portfolio has historically centered on respiratory medicines, with rights connected to products developed with GlaxoSmithKline, including Trelegy Ellipta, Anoro Ellipta and Breo Ellipta.

Innoviva generally operates as an asset-focused healthcare company rather than as a traditional commercial pharmaceutical manufacturer.

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