Bank of America Corp DE acquired a new stake in Innoviva, Inc. (NASDAQ:INVA - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,667,697 shares of the biotechnology company's stock, valued at approximately $37,873,000. Bank of America Corp DE owned approximately 2.31% of Innoviva as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Freestone Grove Partners LP purchased a new stake in shares of Innoviva during the 2nd quarter valued at $2,700,000. Man Group plc purchased a new position in shares of Innoviva in the 2nd quarter worth $690,000. Jupiter Topco LLC purchased a new position in shares of Innoviva in the 2nd quarter worth $633,000. Hsbc Holdings PLC acquired a new position in Innoviva in the second quarter valued at $843,000. Finally, PDT Partners LLC acquired a new position in Innoviva in the second quarter valued at $487,000. Hedge funds and other institutional investors own 99.12% of the company's stock.
Wall Street Analyst Weigh In
Several equities research analysts have recently weighed in on the company. BTIG Research reaffirmed a "buy" rating and issued a $42.00 target price on shares of Innoviva in a research report on Monday, June 22nd. Zacks Research upgraded Innoviva from a "strong sell" rating to a "hold" rating in a report on Monday, August 31st. HC Wainwright reissued a "buy" rating and set a $46.00 price target on shares of Innoviva in a research report on Monday, June 1st. 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. Finally, Weiss Ratings raised shares of Innoviva from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, September 9th. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $34.75.
Check Out Our Latest Stock Analysis on Innoviva
Innoviva Stock Performance
Innoviva stock opened at $21.04 on Tuesday. The company has a market cap of $1.52 billion, a PE ratio of 5.13 and a beta of 0.33. The company has a fifty day moving average price of $21.15 and a two-hundred day moving average price of $22.14. The company has a debt-to-equity ratio of 0.21, a current ratio of 16.01 and a quick ratio of 15.18. Innoviva, Inc. has a 12 month low of $16.52 and a 12 month high of $25.15.
About Innoviva
(
Free Report)
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.
See Also
Want to see what other hedge funds are holding INVA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Innoviva, Inc. (NASDAQ:INVA - Free Report).
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