Man Group plc Takes $690,000 Position in Innoviva, Inc. $INVA

Man Group plc acquired a new position in Innoviva, Inc. (NASDAQ:INVA) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 40,613 shares of the biotechnology company’s stock, valued at approximately $690,000. Man Group plc owned about 0.06% of Innoviva as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Parallel Advisors LLC raised its position in 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 buying an additional 534 shares during the last quarter. Allworth Financial LP acquired a new stake in Innoviva during the 2nd quarter valued at approximately $42,000. EverSource Wealth Advisors LLC increased its stake in shares of Innoviva by 297.7% in the second quarter. EverSource Wealth Advisors LLC now owns 2,398 shares of the biotechnology company’s stock worth $48,000 after acquiring an additional 1,795 shares during the period. Danske Bank A S acquired a new stake in shares of Innoviva in the third quarter worth $55,000. Finally, Lazard Asset Management LLC purchased a new position in shares of Innoviva during the second quarter worth $92,000. Institutional investors and hedge funds own 99.12% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on INVA. BTIG Research reaffirmed a “buy” rating and issued a $42.00 price target on shares of Innoviva in a report on Monday, June 22nd. Weiss Ratings cut Innoviva from a “buy (b)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. Zacks Research upgraded Innoviva from a “strong sell” rating to a “hold” rating in a research report on Monday. HC Wainwright reaffirmed a “buy” rating and set a $46.00 price objective on shares of Innoviva in a research note on Monday, June 1st. Finally, Wall Street Zen downgraded shares of Innoviva from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $34.75.

Innoviva Price Performance

Shares of INVA opened at $21.35 on Friday. 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 $1.54 billion, a P/E ratio of 5.21 and a beta of 0.33. The stock’s 50 day moving average is $21.48 and its two-hundred day moving average is $22.34. Innoviva, Inc. has a 12 month low of $16.52 and a 12 month high of $25.15.

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.