BlackRock Inc. Invests $77.56 Million in Innoviva, Inc. $INVA

Key Points

• BlackRock acquired 4.56 million Innoviva shares worth approximately $77.6 million, giving it a 6.18% stake in the biotechnology company.
• Institutional investors and hedge funds collectively own approximately 99.12% of Innoviva’s stock, with several firms increasing or initiating positions.
• Analyst sentiment is mixed: the stock has a consensus rating of “Hold” and an average price target of $34.75, while shares recently traded at $20.97.

BlackRock Inc. acquired 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 firm acquired 4,562,487 shares of the biotechnology company's stock, valued at approximately $77,562,000. BlackRock Inc. owned approximately 6.18% of Innoviva at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Parallel Advisors LLC grew its stake in 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 purchasing an additional 534 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of 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 purchasing an additional 1,795 shares in the last quarter. Danske Bank A S acquired a new stake in shares of Innoviva in the 3rd quarter valued at approximately $55,000. Lazard Asset Management LLC acquired a new stake in shares of Innoviva in the 2nd quarter valued at approximately $92,000. Finally, Ensign Peak Advisors Inc bought a new position in shares of Innoviva in the fourth quarter valued at $115,000. Institutional investors and hedge funds own 99.12% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. BTIG Research reiterated a "buy" rating and issued a $42.00 price target on shares of Innoviva in a research note on Monday, June 22nd. HC Wainwright reaffirmed a "buy" rating and issued a $46.00 target price on shares of Innoviva in a report on Monday, June 1st. Weiss Ratings downgraded shares of Innoviva from a "buy (b)" rating to a "hold (c+)" rating in a research note on Tuesday, August 11th. Zacks Research cut Innoviva from a "hold" rating to a "strong sell" rating in a report on Friday, July 31st. Finally, Wall Street Zen downgraded Innoviva from a "buy" rating to a "hold" rating in a research 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 issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $34.75.

Innoviva Price Performance

NASDAQ INVA opened at $20.97 on Monday. The business has a fifty day moving average price of $21.66 and a two-hundred day moving average price of $22.37. The stock has a market capitalization of $1.52 billion, a PE ratio of 5.11 and a beta of 0.35. Innoviva, Inc. has a fifty-two week low of $16.52 and a fifty-two week high of $25.15. 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 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.

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