Glazer Capital LLC Takes $5.13 Million Position in Innoviva, Inc. $INVA

Key Points

• Glazer Capital acquired 301,834 Innoviva shares worth approximately $5.13 million, representing 0.42% of the company. Institutional investors collectively own 99.12% of Innoviva.
• Analyst views are mixed, with three Buy, one Hold and two Sell ratings; MarketBeat’s consensus rating is Hold with a $34.75 price target.
• Innoviva shares opened at $20.96, while the company reported a $1.51 billion market capitalization, a 5.11 price-to-earnings ratio and a 52-week trading range of $16.52 to $25.15.

Glazer Capital LLC acquired a new position in shares of Innoviva, Inc. (NASDAQ:INVA - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 301,834 shares of the biotechnology company's stock, valued at approximately $5,131,000. Glazer Capital LLC owned 0.42% of Innoviva at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. BlackRock Inc. acquired a new stake in Innoviva in the 2nd quarter valued at approximately $77,562,000. Bank of America Corp DE acquired a new position in Innoviva during the 2nd quarter worth approximately $37,873,000. Deutsche Bank AG acquired a new position in Innoviva during the 2nd quarter worth approximately $20,847,000. Vanguard Group Inc. grew its stake in shares of Innoviva by 11.6% during the 4th quarter. Vanguard Group Inc. now owns 7,917,103 shares of the biotechnology company's stock worth $158,263,000 after acquiring an additional 819,757 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew 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 worth $43,045,000 after acquiring an additional 650,151 shares in the last quarter. 99.12% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on INVA shares. 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. Weiss Ratings downgraded shares of Innoviva from a "buy (b)" rating to a "hold (c+)" rating in a research report on Tuesday, August 11th. Zacks Research downgraded shares of Innoviva from a "hold" rating to a "strong sell" rating in a research report on Friday, July 31st. 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. Finally, Wall Street Zen cut shares of 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 assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $34.75.

Innoviva Stock Down 1.3%

INVA stock opened at $20.96 on Friday. The company has a market cap of $1.51 billion, a price-to-earnings ratio of 5.11 and a beta of 0.35. Innoviva, Inc. has a twelve month low of $16.52 and a twelve month high of $25.15. The business has a 50 day moving average price of $21.69 and a two-hundred day moving average price of $22.37. 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 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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