Freestone Grove Partners LP Acquires Shares of 118,877 Innoviva, Inc. $INVA

Key Points

• Freestone Grove Partners LP acquired 118,877 Innoviva shares worth approximately $2.7 million during the second quarter, representing about 0.16% of the company.
• Institutional investors own approximately 99.12% of Innoviva’s stock, with several funds recently initiating or increasing positions.
• Innoviva shares opened at $20.97, while analysts hold a consensus “Hold” rating with an average price target of $34.75; recent ratings have ranged from “Strong Sell” to “Buy.”

Freestone Grove Partners LP acquired a new position in shares of Innoviva, Inc. (NASDAQ:INVA - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 118,877 shares of the biotechnology company's stock, valued at approximately $2,700,000. Freestone Grove Partners LP owned approximately 0.16% of Innoviva at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Parallel Advisors LLC raised its holdings in shares of Innoviva by 82.8% during the 1st 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 period. Allworth Financial LP purchased a new position in Innoviva in the 2nd quarter worth approximately $42,000. EverSource Wealth Advisors LLC grew its position in Innoviva by 297.7% in the second quarter. EverSource Wealth Advisors LLC now owns 2,398 shares of the biotechnology company's stock valued at $48,000 after acquiring an additional 1,795 shares in the last quarter. Danske Bank A S acquired a new stake in Innoviva in the third quarter valued at approximately $55,000. Finally, Lazard Asset Management LLC acquired a new stake in Innoviva in the second quarter valued at approximately $92,000. Hedge funds and other institutional investors own 99.12% of the company's stock.

Innoviva Price Performance

INVA stock opened at $20.97 on Friday. The company has a quick ratio of 15.18, a current ratio of 16.01 and a debt-to-equity ratio of 0.21. Innoviva, Inc. has a 52-week low of $16.52 and a 52-week high of $25.15. The stock's 50 day moving average is $21.66 and its two-hundred day moving average is $22.36. The company has a market capitalization of $1.52 billion, a PE ratio of 5.11 and a beta of 0.35.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Weiss Ratings cut shares of Innoviva from a "buy (b)" rating to a "hold (c+)" rating in a research report on Tuesday, August 11th. Wall Street Zen lowered shares of Innoviva from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Zacks Research downgraded shares of Innoviva from a "hold" rating to a "strong sell" rating in a research note on Friday, July 31st. Cantor Fitzgerald cut their price objective on shares of Innoviva from $36.00 to $34.00 and set an "overweight" rating on the stock in a report on Friday, August 7th. Finally, HC Wainwright reissued a "buy" rating and issued a $46.00 price objective on shares of Innoviva in a research report on Monday, June 1st. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Innoviva presently has a consensus rating of "Hold" and an average price target 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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