The Manufacturers Life Insurance Company Makes New Investment in Innoviva, Inc. $INVA

The Manufacturers Life Insurance Company bought a new stake in Innoviva, Inc. (NASDAQ:INVA) during the second quarter, Holdings Channel.com reports. The firm bought 30,464 shares of the biotechnology company’s stock, valued at approximately $692,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. acquired a new position in Innoviva during the 2nd quarter valued at about $77,562,000. Deutsche Bank AG acquired a new stake in shares of Innoviva in the second quarter valued at approximately $20,847,000. Vanguard Group Inc. increased its stake in shares of Innoviva by 11.6% in the fourth quarter. Vanguard Group Inc. now owns 7,917,103 shares of the biotechnology company’s stock valued at $158,263,000 after purchasing an additional 819,757 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in shares of Innoviva by 38.1% during 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 buying an additional 650,151 shares during the last quarter. Finally, William Blair Investment Management LLC bought a new stake in shares of Innoviva during the second quarter valued at approximately $14,584,000. Institutional investors and hedge funds own 99.12% of the company’s stock.

Innoviva Price Performance

NASDAQ:INVA opened at $21.33 on Monday. The business’s 50-day moving average price is $21.44 and its 200 day moving average price is $22.33. The firm has a market cap of $1.54 billion, a P/E ratio of 5.20 and a beta of 0.33. Innoviva, Inc. has a 52-week low of $16.52 and a 52-week high of $25.15. The company has a quick ratio of 15.18, a current ratio of 16.01 and a debt-to-equity ratio of 0.21.

Analysts Set New Price Targets

A number of brokerages recently issued reports on INVA. Weiss Ratings lowered Innoviva from a “buy (b)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. HC Wainwright reiterated a “buy” rating and set a $46.00 price target on shares of Innoviva in a research report on Monday, June 1st. BTIG Research reissued a “buy” rating and issued a $42.00 price target on shares of Innoviva in a research note on Monday, June 22nd. Zacks Research upgraded shares of Innoviva from a “strong sell” rating to a “hold” rating in a research note on Monday, August 31st. Finally, Wall Street Zen downgraded shares of Innoviva from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $34.75.

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.