William Blair Investment Management LLC Takes Position in Innoviva, Inc. $INVA

William Blair Investment Management LLC acquired a new position in shares of Innoviva, Inc. (NASDAQ:INVA) in the second quarter, HoldingsChannel.com reports. The firm acquired 642,176 shares of the biotechnology company’s stock, valued at approximately $14,584,000.

Several other large investors also recently made changes to their positions in the company. Parallel Advisors LLC increased its position in Innoviva by 82.8% in 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 during the period. Allworth Financial LP bought a new position in shares of Innoviva during the 2nd quarter valued at about $42,000. EverSource Wealth Advisors LLC raised its holdings in shares of Innoviva by 297.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,398 shares of the biotechnology company’s stock worth $48,000 after purchasing an additional 1,795 shares in the last quarter. Danske Bank A S bought a new stake in shares of Innoviva in the 3rd quarter worth approximately $55,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in Innoviva by 49.1% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,633 shares of the biotechnology company’s stock valued at $73,000 after purchasing an additional 1,197 shares during the last quarter. Institutional investors and hedge funds own 99.12% of the company’s stock.

Innoviva Stock Performance

Shares of INVA opened at $21.07 on Friday. The company has a 50-day moving average of $21.80 and a two-hundred day moving average of $22.38. The stock has a market cap of $1.52 billion, a price-to-earnings ratio of 5.14 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 one year low of $16.52 and a one year high of $25.15.

Analysts Set New Price Targets

A number of brokerages recently weighed in on INVA. Wall Street Zen cut shares of Innoviva from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Zacks Research downgraded Innoviva from a “hold” rating to a “strong sell” rating in a research report on Friday, July 31st. HC Wainwright restated a “buy” rating and issued a $46.00 target price on shares of Innoviva in a report on Monday, June 1st. Weiss Ratings cut Innoviva from a “buy (b)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. Finally, BTIG Research reaffirmed a “buy” rating and set a $42.00 target price on shares of Innoviva in a research report on Monday, June 22nd. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Innoviva has a consensus rating of “Hold” and a consensus target price of $34.75.

Innoviva 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.