NewEdge Wealth LLC Purchases Shares of 99,367 Innoviva, Inc. $INVA

NewEdge Wealth LLC acquired a new position in shares of Innoviva, Inc. (NASDAQ:INVA) in the 2nd quarter, HoldingsChannel reports. The fund acquired 99,367 shares of the biotechnology company’s stock, valued at approximately $2,257,000.

Several other large investors also recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in shares of Innoviva by 11.6% in the 4th quarter. Vanguard Group Inc. now owns 7,917,103 shares of the biotechnology company’s stock valued at $158,263,000 after acquiring an additional 819,757 shares during the period. BlackRock Inc. purchased a new stake in Innoviva during the 2nd quarter worth $77,562,000. Dimensional Fund Advisors LP boosted its position in Innoviva by 1.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,436,427 shares of the biotechnology company’s stock worth $103,366,000 after purchasing an additional 76,026 shares during the period. State Street Corp increased its holdings in Innoviva by 9.4% in the 4th quarter. State Street Corp now owns 2,796,820 shares of the biotechnology company’s stock valued at $55,908,000 after purchasing an additional 239,848 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings in Innoviva by 38.1% in 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 purchasing an additional 650,151 shares in the last quarter. Institutional investors and hedge funds own 99.12% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on INVA. HC Wainwright reiterated a “buy” rating and set a $46.00 target price on shares of Innoviva in a report on Monday, June 1st. Zacks Research downgraded shares of Innoviva from a “hold” rating to a “strong sell” rating in a research report on Friday, July 31st. Weiss Ratings lowered shares of Innoviva from a “buy (b)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. Cantor Fitzgerald reduced their target price on shares of Innoviva from $36.00 to $34.00 and set an “overweight” rating on the stock in a research report on Friday, August 7th. Finally, Wall Street Zen downgraded shares of Innoviva from a “buy” rating to a “hold” rating in a research note on Saturday, August 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 company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $34.75.

Innoviva Price Performance

Shares of INVA stock opened at $21.00 on Friday. The firm has a market cap of $1.52 billion, a P/E ratio of 5.12 and a beta of 0.35. The company has a debt-to-equity ratio of 0.21, a current ratio of 16.01 and a quick ratio of 15.18. Innoviva, Inc. has a 1-year low of $16.52 and a 1-year high of $25.15. The firm has a fifty day moving average of $21.84 and a two-hundred day moving average of $22.38.

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.