William Blair Investment Management LLC Makes New Investment in Innoviva, Inc. $INVA

Key Points

• William Blair Investment Management initiated a position in Innoviva by purchasing 642,176 shares worth approximately $14.6 million, representing 0.87% of the company. Other institutions also added stakes, bringing total institutional ownership to 99.12%.
• Innoviva shares opened at $21.07, with a 52-week range of $16.52 to $25.15. The company had a $1.52 billion market capitalization and a low price-to-earnings ratio of 5.14.
• Analyst sentiment is mixed: three analysts rate the stock a Buy, one a Hold and two a Sell. The consensus rating is Hold, with an average price target of $34.75.

William Blair Investment Management LLC bought a new position in Innoviva, Inc. (NASDAQ:INVA - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 642,176 shares of the biotechnology company's stock, valued at approximately $14,584,000. William Blair Investment Management LLC owned 0.87% of Innoviva at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Ieq Capital LLC purchased a new stake in shares of Innoviva during the 2nd quarter valued at about $658,000. Allworth Financial LP purchased a new position in Innoviva in the 2nd quarter worth approximately $42,000. Virtus Advisers LLC acquired a new stake in Innoviva in the second quarter valued at approximately $162,000. Vise Technologies Inc. acquired a new stake in Innoviva in the second quarter valued at approximately $637,000. Finally, NewEdge Wealth LLC purchased a new stake in shares of Innoviva during the second quarter valued at approximately $2,257,000. Institutional investors and hedge funds own 99.12% of the company's stock.

Innoviva Price Performance

Shares of INVA opened at $21.07 on Friday. Innoviva, Inc. has a 52 week low of $16.52 and a 52 week high of $25.15. The company has a current ratio of 16.01, a quick ratio of 15.18 and a debt-to-equity ratio of 0.21. The firm has a market cap of $1.52 billion, a price-to-earnings ratio of 5.14 and a beta of 0.35. The stock has a 50 day moving average of $21.80 and a 200-day moving average of $22.38.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Weiss Ratings downgraded shares of Innoviva from a "buy (b)" rating to a "hold (c+)" rating in a research note on Tuesday, August 11th. Wall Street Zen downgraded shares of Innoviva from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. BTIG Research reiterated a "buy" rating and issued a $42.00 price target on shares of Innoviva in a research note on Monday, June 22nd. 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 report on Friday, August 7th. Finally, Zacks Research lowered shares of Innoviva from a "hold" rating to a "strong sell" rating in a research note on Friday, July 31st. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $34.75.

Innoviva Company 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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