Chase Investment Counsel Corp Invests $1.59 Million in Innoviva, Inc. $INVA

Chase Investment Counsel Corp purchased a new stake in shares of Innoviva, Inc. (NASDAQ:INVA) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 70,000 shares of the biotechnology company’s stock, valued at approximately $1,589,000.

Several other large investors have also made changes to their positions in INVA. Vanguard Group Inc. raised its position in Innoviva by 11.6% during the fourth 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 in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in Innoviva by 38.1% in 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 acquiring an additional 650,151 shares during the last quarter. Boston Partners grew its position in Innoviva by 63.6% in the third quarter. Boston Partners now owns 1,431,601 shares of the biotechnology company’s stock worth $26,125,000 after acquiring an additional 556,517 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in Innoviva in the second quarter worth approximately $11,607,000. Finally, Qube Research & Technologies Ltd increased its stake in shares of Innoviva by 68.2% during the 3rd quarter. Qube Research & Technologies Ltd now owns 1,023,534 shares of the biotechnology company’s stock worth $18,679,000 after purchasing an additional 414,889 shares during the last quarter. Institutional investors own 99.12% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on INVA. HC Wainwright restated a “buy” rating and set a $46.00 price target on shares of Innoviva in a report on Monday, June 1st. Cantor Fitzgerald decreased their price objective on shares of Innoviva from $36.00 to $34.00 and set an “overweight” rating for the company in a report on Friday, August 7th. Weiss Ratings downgraded shares of Innoviva from a “buy (b)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. Wall Street Zen lowered Innoviva from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Finally, Zacks Research cut Innoviva from a “hold” rating to a “strong sell” rating in a research report on Friday, July 31st. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s 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 Stock Performance

NASDAQ:INVA opened at $21.19 on Monday. Innoviva, Inc. has a 12 month low of $16.52 and a 12 month high of $25.15. The firm has a market cap of $1.53 billion, a price-to-earnings ratio of 5.17 and a beta of 0.35. 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’s 50 day moving average is $21.95 and its 200-day moving average is $22.34.

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.