Bank of New York Mellon Corp Makes New $2.05 Million Investment in Innoviva, Inc. $INVA

Key Points

• Bank of New York Mellon acquired 120,776 Innoviva shares worth approximately $2.05 million, representing a 0.16% stake. Institutional investors and hedge funds collectively own 99.12% of INVA.
• Analyst sentiment is mixed: three analysts rate Innoviva a Buy, two rate it Hold and one rates it Sell, resulting in a consensus Hold rating and an average price target of $34.75.
• Innoviva shares opened at $21.33, with a $1.54 billion market capitalization and a 52-week range of $16.52 to $25.15. The royalty-focused life sciences company primarily earns revenue from inhaled respiratory therapies.

Bank of New York Mellon Corp purchased a new stake in Innoviva, Inc. (NASDAQ:INVA - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 120,776 shares of the biotechnology company's stock, valued at approximately $2,053,000. Bank of New York Mellon Corp owned 0.16% of Innoviva at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Bank of America Corp DE increased its position in Innoviva by 6.6% during the first quarter. Bank of America Corp DE now owns 1,619,994 shares of the biotechnology company's stock worth $37,746,000 after purchasing an additional 100,791 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Innoviva by 1.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,436,427 shares of the biotechnology company's stock valued at $103,366,000 after purchasing an additional 76,026 shares during the last quarter. Hsbc Holdings PLC acquired a new position in shares of Innoviva in the 4th quarter valued at $6,428,000. Principal Financial Group Inc. grew its stake in shares of Innoviva by 23.5% during the 1st quarter. Principal Financial Group Inc. now owns 418,731 shares of the biotechnology company's stock valued at $9,756,000 after buying an additional 79,625 shares during the period. Finally, Vanguard Group Inc. grew its stake in shares of Innoviva by 11.6% during the 4th quarter. Vanguard Group Inc. now owns 7,917,103 shares of the biotechnology company's stock valued at $158,263,000 after buying an additional 819,757 shares during the period. Institutional investors and hedge funds own 99.12% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on INVA shares. 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. BTIG Research reissued a "buy" rating and set a $42.00 price target on shares of Innoviva in a research report on Monday, June 22nd. Weiss Ratings lowered Innoviva from a "buy (b)" rating to a "hold (c+)" rating in a research note on Tuesday, August 11th. Wall Street Zen downgraded Innoviva from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $46.00 price objective on shares of Innoviva in a research note on Monday, June 1st. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $34.75.

Innoviva Stock Performance

Shares of INVA stock opened at $21.33 on Tuesday. The company has a current ratio of 16.01, a quick ratio of 15.18 and a debt-to-equity ratio of 0.21. The company has a market cap of $1.54 billion, a PE ratio of 5.20 and a beta of 0.33. The company's fifty day simple moving average is $21.40 and its 200-day simple moving average is $22.31. Innoviva, Inc. has a 52 week low of $16.52 and a 52 week high of $25.15.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.