Oliver Luxxe Assets LLC Has $1.34 Million Stock Holdings in Innoviva, Inc. $INVA

Oliver Luxxe Assets LLC trimmed its holdings in shares of Innoviva, Inc. (NASDAQ:INVA) by 30.6% in the second quarter, Holdings Channel.com reports. The firm owned 58,957 shares of the biotechnology company’s stock after selling 26,003 shares during the quarter. Oliver Luxxe Assets LLC’s holdings in Innoviva were worth $1,339,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. GAMMA Investing LLC lifted its stake in Innoviva by 11.8% in the second quarter. GAMMA Investing LLC now owns 7,245 shares of the biotechnology company’s stock valued at $165,000 after buying an additional 762 shares in the last quarter. CX Institutional increased its position in shares of Innoviva by 1.0% during the second quarter. CX Institutional now owns 280,240 shares of the biotechnology company’s stock worth $6,364,000 after acquiring an additional 2,708 shares in the last quarter. Parallel Advisors LLC raised its holdings in shares of Innoviva by 82.8% during the first quarter. Parallel Advisors LLC now owns 1,179 shares of the biotechnology company’s stock worth $27,000 after acquiring an additional 534 shares during the period. Bank of America Corp DE raised its holdings in shares of Innoviva by 6.6% during the first quarter. Bank of America Corp DE now owns 1,619,994 shares of the biotechnology company’s stock worth $37,746,000 after acquiring an additional 100,791 shares during the period. Finally, Edgestream Partners L.P. acquired a new stake in shares of Innoviva during the first quarter worth $3,081,000. 99.12% of the stock is currently owned by institutional investors and hedge funds.

Innoviva Price Performance

NASDAQ:INVA opened at $20.51 on Monday. Innoviva, Inc. has a 1-year low of $16.52 and a 1-year high of $25.15. The company has a current ratio of 16.01, a quick ratio of 15.18 and a debt-to-equity ratio of 0.21. The firm has a fifty day simple moving average of $22.05 and a 200 day simple moving average of $22.30. The stock has a market capitalization of $1.51 billion, a PE ratio of 5.00 and a beta of 0.35.

Wall Street Analysts Forecast Growth

INVA has been the subject of a number of research analyst reports. BTIG Research reaffirmed a “buy” rating and issued a $42.00 target price on shares of Innoviva in a research note on Monday, June 22nd. Weiss Ratings restated a “buy (b)” rating on shares of Innoviva in a report on Wednesday, June 24th. Wall Street Zen cut Innoviva from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Cantor Fitzgerald decreased their price objective on Innoviva from $36.00 to $34.00 and set an “overweight” rating for the company in a report on Friday. Finally, Zacks Research lowered Innoviva from a “hold” rating to a “strong sell” rating in a research report on Friday, July 31st. Five investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Innoviva currently has an average rating of “Hold” and a consensus price target of $36.80.

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.