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

Ieq Capital LLC bought a new position in shares of Innoviva, Inc. (NASDAQ:INVA) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 28,979 shares of the biotechnology company’s stock, valued at approximately $658,000.

Other large investors have also made changes to their positions in the company. Creative Planning increased its position in Innoviva by 0.8% in the third quarter. Creative Planning now owns 61,365 shares of the biotechnology company’s stock worth $1,120,000 after purchasing an additional 461 shares during the period. Bailard Inc. lifted its position in Innoviva by 4.7% during the 4th quarter. Bailard Inc. now owns 10,933 shares of the biotechnology company’s stock valued at $219,000 after purchasing an additional 492 shares during the period. Verition Fund Management LLC lifted its position in Innoviva by 0.3% during the 3rd quarter. Verition Fund Management LLC now owns 175,855 shares of the biotechnology company’s stock valued at $3,209,000 after purchasing an additional 527 shares during the period. Parallel Advisors LLC boosted its stake 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 during the last quarter. Finally, Bank of Montreal Can boosted its stake in shares of Innoviva by 3.8% in the 4th quarter. Bank of Montreal Can now owns 14,742 shares of the biotechnology company’s stock valued at $295,000 after purchasing an additional 540 shares during the last quarter. Institutional investors and hedge funds own 99.12% of the company’s stock.

Wall Street Analyst Weigh In

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

Innoviva Stock Up 0.0%

Shares of NASDAQ:INVA opened at $20.97 on Friday. Innoviva, Inc. has a 52 week low of $16.52 and a 52 week high of $25.15. 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 capitalization of $1.52 billion, a PE ratio of 5.11 and a beta of 0.35. The company has a 50 day moving average price of $21.66 and a two-hundred day moving average price of $22.36.

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.