Bank of New York Mellon Corp Takes $11.61 Million Position in Innoviva, Inc. $INVA

Key Points

• Bank of New York Mellon acquired 511,099 Innoviva shares in the second quarter, worth approximately $11.61 million and representing about 0.69% of the company.
• Institutional ownership of Innoviva is high at 99.12%, with Vanguard, Arrowstreet Capital, Boston Partners, Qube Research and Royce & Associates among investors increasing their stakes.
• Analyst sentiment is mixed: Innoviva has an average “Hold” rating and a $34.75 target price, while shares recently traded at $21.08; ratings range from “strong sell” to “buy.”

Bank of New York Mellon Corp acquired a new position in Innoviva, Inc. (NASDAQ:INVA - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 511,099 shares of the biotechnology company's stock, valued at approximately $11,607,000. Bank of New York Mellon Corp owned approximately 0.69% of Innoviva at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Innoviva by 11.6% during the fourth 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 in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Innoviva by 38.1% in the third quarter. Arrowstreet Capital Limited Partnership now owns 2,358,633 shares of the biotechnology company's stock worth $43,045,000 after buying an additional 650,151 shares during the last quarter. Boston Partners boosted its stake in shares of Innoviva by 63.6% during the 3rd quarter. Boston Partners now owns 1,431,601 shares of the biotechnology company's stock worth $26,125,000 after acquiring an additional 556,517 shares in the last quarter. Qube Research & Technologies Ltd boosted its stake in shares of 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 acquiring an additional 414,889 shares in the last quarter. Finally, Royce & Associates LP increased its holdings in shares of Innoviva by 81.9% during the 4th quarter. Royce & Associates LP now owns 920,317 shares of the biotechnology company's stock valued at $18,397,000 after acquiring an additional 414,411 shares during the last quarter. 99.12% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on INVA shares. Zacks Research downgraded Innoviva from a "hold" rating to a "strong sell" rating in a research note on Friday, July 31st. BTIG Research reaffirmed a "buy" rating and set a $42.00 target price on shares of Innoviva in a research report on Monday, June 22nd. Cantor Fitzgerald dropped their price target on shares of Innoviva from $36.00 to $34.00 and set an "overweight" rating on the stock in a research report on Friday, August 7th. HC Wainwright restated a "buy" rating and issued a $46.00 price objective on shares of Innoviva in a research note on Monday, June 1st. Finally, Wall Street Zen downgraded shares of Innoviva from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Three equities 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. According to MarketBeat, Innoviva currently has an average rating of "Hold" and an average target price of $34.75.

Innoviva Trading Up 1.5%

Innoviva stock opened at $21.08 on Wednesday. Innoviva, Inc. has a 52 week low of $16.52 and a 52 week 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 capitalization of $1.52 billion, a PE ratio of 5.14 and a beta of 0.33. The business's 50-day simple moving average is $21.57 and its 200-day simple moving average is $22.35.

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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