Legal & General Group Plc Takes $3.88 Million Position in Innoviva, Inc. $INVA

Key Points

• Legal & General Group Plc acquired 170,676 Innoviva shares worth approximately $3.88 million during the second quarter, representing about 0.23% of the company. Institutional investors collectively own 99.12% of Innoviva.
• Analyst sentiment is mixed: three analysts rate Innoviva a Buy, two rate it Hold and one rates it Sell. The consensus rating is Hold, with an average price target of $34.75.
• Innoviva shares opened at $21.33, compared with a 12-month range of $16.52 to $25.15. The royalty-focused life sciences company specializes in biopharmaceutical licensing and royalties, particularly inhaled respiratory therapies.

Legal & General Group Plc bought a new position in Innoviva, Inc. (NASDAQ:INVA - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 170,676 shares of the biotechnology company's stock, valued at approximately $3,876,000. Legal & General Group Plc owned about 0.23% of Innoviva at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in Innoviva by 11.6% in the fourth quarter. Vanguard Group Inc. now owns 7,917,103 shares of the biotechnology company's stock worth $158,263,000 after purchasing an additional 819,757 shares during the last quarter. BlackRock Inc. purchased a new position in shares of Innoviva in the 2nd quarter worth $77,562,000. Dimensional Fund Advisors LP grew its stake in shares of Innoviva by 1.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,436,427 shares of the biotechnology company's stock worth $103,366,000 after buying an additional 76,026 shares in the last quarter. State Street Corp increased its holdings in shares of Innoviva by 9.4% in the 4th quarter. State Street Corp now owns 2,796,820 shares of the biotechnology company's stock worth $55,908,000 after buying an additional 239,848 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its position 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 valued at $43,045,000 after buying an additional 650,151 shares in the last quarter. 99.12% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently commented on the company. HC Wainwright reiterated a "buy" rating and issued a $46.00 price target on shares of Innoviva in a research report on Monday, June 1st. Weiss Ratings lowered Innoviva from a "buy (b)" rating to a "hold (c+)" rating in a research note on Tuesday, August 11th. BTIG Research reiterated a "buy" rating and issued a $42.00 target price on shares of Innoviva in a report on Monday, June 22nd. Zacks Research raised Innoviva from a "strong sell" rating to a "hold" rating in a research report on Monday, August 31st. Finally, Cantor Fitzgerald cut their target price on Innoviva from $36.00 to $34.00 and set an "overweight" rating on the stock in a research report on Friday, August 7th. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $34.75.

Innoviva Stock Performance

INVA stock opened at $21.33 on Friday. Innoviva, Inc. has a twelve month low of $16.52 and a twelve month high of $25.15. The firm has a market cap of $1.54 billion, a price-to-earnings ratio of 5.20 and a beta of 0.33. The business's fifty day simple moving average is $21.44 and its two-hundred day simple moving average is $22.33. 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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