NewEdge Wealth LLC Acquires New Stake in Innoviva, Inc. $INVA

Key Points

• NewEdge Wealth acquired 99,367 Innoviva shares worth approximately $2.26 million during the second quarter, representing about 0.13% of the company. Institutional investors collectively own 99.12% of Innoviva.
• Analyst sentiment is mixed: three analysts rate Innoviva a Buy, while others are more cautious, producing a consensus rating of Hold and an average price target of $34.75.
• Innoviva shares opened at $21.00, down 2.2%, with a $1.52 billion market capitalization and a 52-week trading range of $16.52 to $25.15.

NewEdge Wealth LLC bought a new stake in Innoviva, Inc. (NASDAQ:INVA - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 99,367 shares of the biotechnology company's stock, valued at approximately $2,257,000. NewEdge Wealth LLC owned about 0.13% of Innoviva at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted 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 purchasing an additional 819,757 shares during the last quarter. BlackRock Inc. acquired a new position in shares of Innoviva in the second quarter valued at approximately $77,562,000. Dimensional Fund Advisors LP raised its position in shares of Innoviva by 1.7% in the first quarter. Dimensional Fund Advisors LP now owns 4,436,427 shares of the biotechnology company's stock valued at $103,366,000 after buying an additional 76,026 shares during the last quarter. State Street Corp lifted its stake in shares of Innoviva by 9.4% during the fourth quarter. State Street Corp now owns 2,796,820 shares of the biotechnology company's stock valued at $55,908,000 after buying an additional 239,848 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of Innoviva by 38.1% during the third 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 during the period. 99.12% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on INVA shares. Cantor Fitzgerald lowered their target price 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. BTIG Research reissued a "buy" rating and set a $42.00 price target on shares of Innoviva in a research note on Monday, June 22nd. Weiss Ratings cut Innoviva from a "buy (b)" rating to a "hold (c+)" rating in a report on Tuesday, August 11th. Wall Street Zen downgraded Innoviva from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. Finally, HC Wainwright reiterated a "buy" rating and issued a $46.00 target price on shares of Innoviva in a research note on Monday, June 1st. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $34.75.

Innoviva Trading Down 2.2%

INVA stock opened at $21.00 on Friday. 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 company has a market cap of $1.52 billion, a price-to-earnings ratio of 5.12 and a beta of 0.35. The business has a fifty day simple moving average of $21.84 and a 200-day simple moving average of $22.38. Innoviva, Inc. has a 52 week low of $16.52 and a 52 week high of $25.15.

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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