30,464 Shares in Innoviva, Inc. $INVA Purchased by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company purchased a new stake in Innoviva, Inc. (NASDAQ:INVA) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 30,464 shares of the biotechnology company’s stock, valued at approximately $692,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Parallel Advisors LLC raised its position in shares of 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 purchasing an additional 534 shares in the last quarter. Allworth Financial LP bought a new stake in shares of Innoviva in the second quarter worth $42,000. EverSource Wealth Advisors LLC raised its holdings in Innoviva by 297.7% in the second quarter. EverSource Wealth Advisors LLC now owns 2,398 shares of the biotechnology company’s stock valued at $48,000 after acquiring an additional 1,795 shares in the last quarter. Danske Bank A S acquired a new stake in Innoviva in the third quarter valued at $55,000. Finally, Lazard Asset Management LLC bought a new position in Innoviva during the 2nd quarter valued at $92,000. 99.12% of the stock is currently owned by hedge funds and other institutional investors.

Innoviva Stock Performance

Innoviva stock opened at $21.33 on Monday. Innoviva, Inc. has a 1 year low of $16.52 and a 1 year high of $25.15. The firm’s 50-day moving average is $21.44 and its 200-day moving average is $22.33. The company has a debt-to-equity ratio of 0.21, a quick ratio of 15.18 and a current ratio of 16.01. The company has a market cap of $1.54 billion, a P/E ratio of 5.20 and a beta of 0.33.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on INVA shares. Wall Street Zen lowered shares of Innoviva from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. HC Wainwright reaffirmed a “buy” rating and set a $46.00 price target on shares of Innoviva in a research report on Monday, June 1st. Cantor Fitzgerald decreased their price target on Innoviva from $36.00 to $34.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. Zacks Research raised Innoviva from a “strong sell” rating to a “hold” rating in a report on Monday, August 31st. Finally, BTIG Research restated a “buy” rating and set a $42.00 price objective on shares of Innoviva in a research note on Monday, June 22nd. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Innoviva currently has an average rating of “Hold” and a consensus target price 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.