Bank of America Corp DE Has $37.75 Million Stake in Innoviva, Inc. $INVA

Key Points

• Bank of America increased its Innoviva stake by 6.6% in the first quarter, adding 100,791 shares to own 1,619,994 shares worth approximately $37.75 million, or 2.19% of the company.
• Institutional investors and hedge funds collectively own 99.12% of Innoviva, with several firms raising positions or initiating new stakes during recent quarters.
• Innoviva shares opened at $20.75, while analysts assign the stock an average “Hold” rating and a $34.75 target price; price targets range from $34 to $46.

Bank of America Corp DE grew its position in Innoviva, Inc. (NASDAQ:INVA - Free Report) by 6.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,619,994 shares of the biotechnology company's stock after acquiring an additional 100,791 shares during the period. Bank of America Corp DE owned 2.19% of Innoviva worth $37,746,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Parallel Advisors LLC increased its stake 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 in the last quarter. EverSource Wealth Advisors LLC grew its holdings in Innoviva by 297.7% during the 2nd 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 last quarter. Danske Bank A S bought a new stake in Innoviva during the 3rd quarter worth about $55,000. Mirae Asset Global Investments Co. Ltd. increased its position in Innoviva by 49.1% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,633 shares of the biotechnology company's stock valued at $73,000 after acquiring an additional 1,197 shares in the last quarter. Finally, Lazard Asset Management LLC acquired a new stake in Innoviva in the 2nd quarter valued at about $92,000. 99.12% of the stock is owned by institutional investors and hedge funds.

Innoviva Price Performance

Shares of INVA stock opened at $20.75 on Friday. The firm's 50 day moving average price is $21.97 and its two-hundred day moving average price is $22.33. 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, Inc. has a 52-week low of $16.52 and a 52-week high of $25.15. The stock has a market cap of $1.53 billion, a PE ratio of 5.06 and a beta of 0.35.

Wall Street Analysts Forecast Growth

INVA has been the topic of a number of research reports. Wall Street Zen lowered shares of Innoviva from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. Weiss Ratings downgraded Innoviva from a "buy (b)" rating to a "hold (c+)" rating in a report on Tuesday. BTIG Research reiterated a "buy" rating and issued a $42.00 price objective on shares of Innoviva in a research report on Monday, June 22nd. HC Wainwright reissued a "buy" rating and issued a $46.00 target price on shares of Innoviva in a research note on Monday, June 1st. Finally, Cantor Fitzgerald dropped their target price on Innoviva from $36.00 to $34.00 and set an "overweight" rating for the company in a research report on Friday, August 7th. Three 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 target price of $34.75.

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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