28,629 Shares in Innoviva, Inc. $INVA Bought by PDT Partners LLC

PDT Partners LLC bought a new position in shares of Innoviva, Inc. (NASDAQ:INVA) during the second quarter, HoldingsChannel.com reports. The firm bought 28,629 shares of the biotechnology company’s stock, valued at approximately $487,000.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Innoviva by 11.6% during the fourth quarter. Vanguard Group Inc. now owns 7,917,103 shares of the biotechnology company’s stock worth $158,263,000 after acquiring an additional 819,757 shares during the last quarter. BlackRock Inc. purchased a new position in shares of Innoviva during the 2nd quarter worth approximately $77,562,000. Dimensional Fund Advisors LP lifted its stake in Innoviva by 1.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,436,427 shares of the biotechnology company’s stock valued at $103,366,000 after buying an additional 76,026 shares in the last quarter. State Street Corp increased its position in Innoviva by 9.4% during the fourth quarter. State Street Corp now owns 2,796,820 shares of the biotechnology company’s stock worth $55,908,000 after buying an additional 239,848 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its position in Innoviva by 38.1% during the third quarter. Arrowstreet Capital Limited Partnership now owns 2,358,633 shares of the biotechnology company’s stock worth $43,045,000 after buying an additional 650,151 shares in the last quarter. 99.12% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. BTIG Research reissued a “buy” rating and issued a $42.00 target price on shares of Innoviva in a research note on Monday, June 22nd. Zacks Research downgraded shares of Innoviva from a “hold” rating to a “strong sell” rating in a research note on Friday, July 31st. Cantor Fitzgerald decreased their target price on shares of Innoviva from $36.00 to $34.00 and set an “overweight” rating on the stock in a research report on Friday, August 7th. HC Wainwright reiterated a “buy” rating and issued a $46.00 price target on shares of Innoviva in a report on Monday, June 1st. Finally, Wall Street Zen lowered Innoviva from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $34.75.

Innoviva Stock Down 1.3%

Shares of NASDAQ INVA opened at $20.96 on Friday. The stock has a market capitalization of $1.51 billion, a PE ratio of 5.11 and a beta of 0.35. The company has a quick ratio of 15.18, a current ratio of 16.01 and a debt-to-equity ratio of 0.21. The firm has a fifty day moving average of $21.69 and a 200-day moving average of $22.37. Innoviva, Inc. has a 52-week low of $16.52 and a 52-week high of $25.15.

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.