Innoviva, Inc. $INVA Shares Newly Bought by Bank of America Corp DE

Key Points

• Bank of America initiated a position in Innoviva by purchasing 73,689 shares worth approximately $1.25 million, representing 0.10% of the company.
• Several other institutions also added Innoviva shares, and institutional ownership reached 99.12% of the outstanding stock.
• Innoviva shares opened at $20.55, while analysts maintained a “Moderate Buy” consensus with an average price target of $39.25, despite some recent rating and target-price reductions.

Bank of America Corp DE purchased a new stake in shares of Innoviva, Inc. (NASDAQ:INVA - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 73,689 shares of the biotechnology company's stock, valued at approximately $1,253,000. Bank of America Corp DE owned 0.10% of Innoviva at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Chase Investment Counsel Corp bought a new position in shares of Innoviva in the 2nd quarter worth approximately $1,589,000. Hsbc Holdings PLC bought a new stake in shares of Innoviva during the second quarter valued at approximately $843,000. Dimensional Fund Advisors LP grew its stake in Innoviva by 1.7% in the first 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. Bank of New York Mellon Corp purchased a new stake in Innoviva in the second quarter worth $11,607,000. Finally, Principal Financial Group Inc. raised its holdings in Innoviva by 23.5% in the first quarter. Principal Financial Group Inc. now owns 418,731 shares of the biotechnology company's stock worth $9,756,000 after purchasing an additional 79,625 shares in the last quarter. 99.12% of the stock is owned by institutional investors.

Innoviva Price Performance

INVA opened at $20.55 on Friday. The firm has a market cap of $1.48 billion, a PE ratio of 5.01, a P/E/G ratio of 3.06 and a beta of 0.38. The stock has a 50-day moving average price of $21.03 and a 200-day moving average price of $22.06. Innoviva, Inc. has a 1 year low of $16.52 and a 1 year 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.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Weiss Ratings lowered Innoviva from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, September 24th. Cantor Fitzgerald decreased their price target on shares of Innoviva from $36.00 to $34.00 and set an "overweight" rating for the company in a research note on Friday, August 7th. Zacks Research raised shares of Innoviva from a "strong sell" rating to a "hold" rating in a research report on Monday, August 31st. BTIG Research reissued a "buy" rating and set a $42.00 price objective on shares of Innoviva in a research note on Monday, June 22nd. Finally, Oppenheimer started coverage on shares of Innoviva in a research note on Wednesday, September 23rd. They set an "outperform" rating and a $35.00 target price for the company. Four equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $39.25.

About Innoviva

Innoviva, Inc is a healthcare company focused on acquiring, developing and commercializing pharmaceutical assets, with a particular emphasis on medicines for respiratory and infectious diseases. The company generates a substantial portion of its business through royalty interests in marketed products and also invests in healthcare companies and development-stage therapies.

Innoviva holds royalty rights related to several respiratory medicines developed in collaboration with GlaxoSmithKline, including Trelegy Ellipta, Anoro Ellipta and Breo Ellipta, which is marketed as Relvar Ellipta in some international markets.

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