Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Innoviva, Inc. (NASDAQ:INVA - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 52,479 shares of the biotechnology company's stock, valued at approximately $1,192,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.07% of Innoviva at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in INVA. Vanguard Group Inc. lifted its position 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 purchasing an additional 819,757 shares during the period. BlackRock Inc. acquired a new stake in Innoviva during the 2nd quarter worth about $77,562,000. Dimensional Fund Advisors LP grew its position in Innoviva by 1.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,436,427 shares of the biotechnology company's stock worth $103,366,000 after purchasing an additional 76,026 shares during the period. State Street Corp raised its stake in shares of Innoviva by 9.4% during the 4th quarter. State Street Corp now owns 2,796,820 shares of the biotechnology company's stock valued at $55,908,000 after buying an additional 239,848 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its stake in shares of Innoviva by 38.1% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,358,633 shares of the biotechnology company's stock valued at $43,045,000 after buying an additional 650,151 shares during the last quarter. Institutional investors and hedge funds own 99.12% of the company's stock.
Wall Street Analysts Forecast Growth
A number of analysts have recently commented on the company. Weiss Ratings downgraded 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 research report on Friday, July 31st. 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. Wall Street Zen lowered Innoviva from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. Finally, HC Wainwright reaffirmed a "buy" rating and set a $46.00 price objective on shares of Innoviva in a research note on Monday, June 1st. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued 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.
Read Our Latest Report on INVA
Innoviva Price Performance
Innoviva stock opened at $20.97 on Monday. The company has a debt-to-equity ratio of 0.21, a current ratio of 16.01 and a quick ratio of 15.18. The stock has a market capitalization of $1.52 billion, a PE ratio of 5.11 and a beta of 0.35. The business has a 50 day simple moving average of $21.66 and a 200-day simple moving average of $22.37. Innoviva, Inc. has a 12 month low of $16.52 and a 12 month high of $25.15.
Innoviva Profile
(
Free Report)
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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