Canada Pension Plan Investment Board Takes Position in Innoviva, Inc. $INVA

Key Points

• Canada Pension Plan Investment Board opened a new Innoviva position of 49,700 shares valued at approximately $845,000, representing 0.07% of the company. Institutional investors collectively own 99.12% of Innoviva.
• Innoviva shares were trading at $20.77, down 1.0%, with a market capitalization of $1.50 billion and a price-to-earnings ratio of 5.07. The stock has traded between $16.52 and $25.15 over the past year.
• Analyst sentiment is mixed, resulting in a consensus “Hold” rating and an average price target of $34.75; ratings range from Buy to Strong Sell.

Canada Pension Plan Investment Board purchased a new position in Innoviva, Inc. (NASDAQ:INVA - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 49,700 shares of the biotechnology company's stock, valued at approximately $845,000. Canada Pension Plan Investment Board owned 0.07% of Innoviva at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Parallel Advisors LLC raised its position in shares of Innoviva by 82.8% during 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 during the last quarter. Allworth Financial LP bought a new position in shares of Innoviva during the second quarter worth $42,000. EverSource Wealth Advisors LLC boosted its position in shares of Innoviva by 297.7% during the second 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 purchased a new position in Innoviva during the third quarter valued at $55,000. Finally, Lazard Asset Management LLC purchased a new position in Innoviva during the second quarter valued at $92,000. 99.12% of the stock is owned by hedge funds and other institutional investors.

Innoviva Trading Down 1.0%

Shares of INVA opened at $20.77 on Tuesday. The stock has a market capitalization of $1.50 billion, a PE ratio of 5.07 and a beta of 0.35. The company's fifty day moving average is $21.62 and its 200 day moving average is $22.36. 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 fifty-two week low of $16.52 and a fifty-two week high of $25.15.

Analyst Ratings Changes

INVA has been the topic of several research analyst reports. 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. Wall Street Zen lowered Innoviva from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. Zacks Research lowered Innoviva from a "hold" rating to a "strong sell" rating in a research report on Friday, July 31st. Weiss Ratings cut Innoviva from a "buy (b)" rating to a "hold (c+)" rating in a report on Tuesday, August 11th. Finally, Cantor Fitzgerald decreased 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. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $34.75.

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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