Innoviva, Inc. $INVA Stock Holdings Lifted by Profund Advisors LLC

Key Points

• Profund Advisors increased its Innoviva holdings by 413.9% in the third quarter, adding 61,248 shares for a total position of 76,047 shares worth approximately $1.6 million.
• Institutional ownership remains high at 99.12%, with BlackRock, Bank of America, Deutsche Bank, William Blair, and Bank of New York Mellon among firms establishing new positions.
• Innoviva shares opened at $21.02, while analysts maintain a “Moderate Buy” consensus with an average price target of $39.25, substantially above the current price.

Profund Advisors LLC raised its holdings in shares of Innoviva, Inc. (NASDAQ:INVA - Free Report) by 413.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 76,047 shares of the biotechnology company's stock after buying an additional 61,248 shares during the period. Profund Advisors LLC owned about 0.11% of Innoviva worth $1,613,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in shares of Innoviva during the second quarter worth about $77,562,000. Bank of America Corp DE bought a new stake in shares of Innoviva in the second quarter worth about $37,873,000. Deutsche Bank AG purchased a new position in Innoviva during the 2nd quarter valued at about $20,847,000. William Blair Investment Management LLC purchased a new position in Innoviva during the 2nd quarter valued at about $14,584,000. Finally, Bank of New York Mellon Corp purchased a new position in Innoviva during the 2nd quarter valued at about $11,607,000. 99.12% of the stock is owned by institutional investors.

Innoviva Price Performance

Shares of NASDAQ:INVA opened at $21.02 on Tuesday. The company has a quick ratio of 15.18, a current ratio of 16.01 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $1.52 billion, a PE ratio of 5.13, a price-to-earnings-growth ratio of 3.05 and a beta of 0.38. The firm's 50 day moving average price is $20.99 and its 200-day moving average price is $21.86. Innoviva, Inc. has a twelve month low of $17.83 and a twelve month high of $25.15.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on INVA. Zacks Research raised shares of Innoviva from a "strong sell" rating to a "hold" rating in a research report on Monday, August 31st. Weiss Ratings cut shares of 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. Oppenheimer initiated coverage on shares of Innoviva in a research note on Wednesday, September 23rd. They issued an "outperform" rating and a $35.00 price target for the company. Finally, Wall Street Zen lowered shares of Innoviva from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $39.25.

Innoviva Profile

Innoviva, Inc is a healthcare company focused on developing, commercializing and managing medicines, with an emphasis on respiratory and hospital-based therapies. The company's business model includes royalty interests in marketed products as well as ownership and investment in companies developing or commercializing innovative treatments.

Innoviva receives royalty revenue from respiratory medicines developed in collaboration with GlaxoSmithKline, including Trelegy Ellipta, Anoro Ellipta and Relvar/Breo Ellipta.

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