Ieq Capital LLC Invests $658,000 in Innoviva, Inc. $INVA

Ieq Capital LLC acquired a new stake in shares of Innoviva, Inc. (NASDAQ:INVA) during the 2nd quarter, Holdings Channel.com reports. The firm acquired 28,979 shares of the biotechnology company’s stock, valued at approximately $658,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Allworth Financial LP bought a new stake in Innoviva during the 2nd quarter worth approximately $42,000. Virtus Advisers LLC bought a new position in Innoviva in the second quarter valued at approximately $162,000. Vise Technologies Inc. bought a new position in Innoviva in the second quarter valued at approximately $637,000. NewEdge Wealth LLC acquired a new position in shares of Innoviva in the second quarter valued at approximately $2,257,000. Finally, BlackRock Inc. acquired a new position in shares of Innoviva in the second quarter valued at approximately $77,562,000. 99.12% of the stock is currently owned by institutional investors and hedge funds.

Innoviva Price Performance

NASDAQ INVA opened at $20.97 on Friday. The firm’s 50 day moving average is $21.66 and its 200-day moving average is $22.36. 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 has a market capitalization of $1.52 billion, a PE ratio of 5.11 and a beta of 0.35. Innoviva, Inc. has a 12-month low of $16.52 and a 12-month high of $25.15.

Analysts Set New Price Targets

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