Canada Pension Plan Investment Board Makes New Investment in Innoviva, Inc. $INVA

Canada Pension Plan Investment Board bought a new position in Innoviva, Inc. (NASDAQ:INVA) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 37,100 shares of the biotechnology company’s stock, valued at approximately $843,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Parallel Advisors LLC lifted 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 valued at $27,000 after acquiring an additional 534 shares in the last quarter. Allworth Financial LP acquired a new position in shares of Innoviva in the second quarter worth about $42,000. EverSource Wealth Advisors LLC grew its stake in Innoviva by 297.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,398 shares of the biotechnology company’s stock valued at $48,000 after purchasing an additional 1,795 shares in the last quarter. Danske Bank A S purchased a new stake in Innoviva during the 3rd quarter worth approximately $55,000. Finally, Lazard Asset Management LLC purchased a new stake in Innoviva during the 2nd quarter worth approximately $92,000. 99.12% of the stock is owned by institutional investors and hedge funds.

Innoviva Stock Down 1.0%

Shares of NASDAQ:INVA opened at $20.77 on Tuesday. The stock has a market capitalization of $1.50 billion, a price-to-earnings ratio of 5.07 and a beta of 0.35. Innoviva, Inc. has a 1-year low of $16.52 and a 1-year high of $25.15. The company’s fifty day moving average is $21.62 and its two-hundred day moving average is $22.36. The company has a debt-to-equity ratio of 0.21, a quick ratio of 15.18 and a current ratio of 16.01.

Analyst Ratings Changes

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

About Innoviva

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.