Innoviva, Inc. $INVA Stock Holdings Reduced by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management reduced its Innoviva stake by 47.9% in the third quarter, selling 212,639 shares and retaining 231,583 shares valued at approximately $4.9 million.
• Institutional investors own 99.12% of Innoviva, with several smaller funds increasing their positions during recent quarters.
• Analyst sentiment remains favorable overall: Innoviva has a “Moderate Buy” consensus rating and a $39.25 average price target, compared with a recent share price of $21.28.

Assenagon Asset Management S.A. cut its holdings in Innoviva, Inc. (NASDAQ:INVA - Free Report) by 47.9% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 231,583 shares of the biotechnology company's stock after selling 212,639 shares during the period. Assenagon Asset Management S.A. owned 0.32% of Innoviva worth $4,912,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in INVA. Farther Finance Advisors LLC lifted its stake in shares of Innoviva by 5.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 9,014 shares of the biotechnology company's stock valued at $191,000 after purchasing an additional 482 shares during the last quarter. Parallel Advisors LLC grew 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 worth $27,000 after purchasing an additional 534 shares during the period. Allworth Financial LP grew its holdings in shares of Innoviva by 43.7% during the 2nd quarter. Allworth Financial LP now owns 1,868 shares of the biotechnology company's stock worth $42,000 after purchasing an additional 568 shares during the period. GAMMA Investing LLC increased its position in shares of Innoviva by 11.8% during the 2nd quarter. GAMMA Investing LLC now owns 7,245 shares of the biotechnology company's stock worth $165,000 after purchasing an additional 762 shares during the last quarter. Finally, Versant Capital Management Inc increased its position in shares of Innoviva by 96.5% during the 3rd quarter. Versant Capital Management Inc now owns 1,916 shares of the biotechnology company's stock worth $41,000 after purchasing an additional 941 shares during the last quarter. 99.12% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have commented on INVA shares. Oppenheimer started coverage on shares of Innoviva in a research report on Wednesday, September 23rd. They issued an "outperform" rating and a $35.00 target price on the stock. Weiss Ratings lowered shares of Innoviva from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, September 24th. Wall Street Zen cut shares of Innoviva from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. Zacks Research upgraded shares of Innoviva from a "strong sell" rating to a "hold" rating in a research report on Monday, August 31st. Finally, Cantor Fitzgerald reduced their price target on shares of Innoviva from $36.00 to $34.00 and set an "overweight" rating on the stock in a research note on Friday, August 7th. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Innoviva has a consensus rating of "Moderate Buy" and a consensus target price of $39.25.

Innoviva Stock Performance

Shares of Innoviva stock opened at $21.28 on Wednesday. The business has a 50-day moving average of $21.00 and a 200 day moving average of $21.93. Innoviva, Inc. has a 12 month low of $17.13 and a 12 month high of $25.15. The stock has a market capitalization of $1.54 billion, a price-to-earnings ratio of 5.19, a price-to-earnings-growth ratio of 3.04 and a beta of 0.38. The company has a debt-to-equity ratio of 0.21, a current ratio of 16.01 and a quick ratio of 15.18.

Innoviva Profile

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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