Freestone Grove Partners LP Takes Position in Innoviva, Inc. $INVA

Freestone Grove Partners LP purchased a new position in shares of Innoviva, Inc. (NASDAQ:INVA) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 118,877 shares of the biotechnology company’s stock, valued at approximately $2,700,000.

A number of other hedge funds have also bought and sold shares of INVA. Parallel Advisors LLC raised its stake in Innoviva by 82.8% during the first quarter. Parallel Advisors LLC now owns 1,179 shares of the biotechnology company’s stock valued at $27,000 after buying an additional 534 shares in the last quarter. Allworth Financial LP acquired a new position in shares of Innoviva in the 2nd quarter worth approximately $42,000. EverSource Wealth Advisors LLC grew its position in shares of Innoviva by 297.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,398 shares of the biotechnology company’s stock worth $48,000 after acquiring an additional 1,795 shares in the last quarter. Danske Bank A S bought a new stake in shares of Innoviva in the 3rd quarter valued at approximately $55,000. Finally, Lazard Asset Management LLC bought a new stake in shares of Innoviva in the 2nd quarter valued at approximately $92,000. 99.12% of the stock is currently owned by institutional investors and hedge funds.

Innoviva Stock Up 0.0%

NASDAQ:INVA opened at $20.97 on Friday. 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 stock has a 50 day moving average of $21.66 and a 200-day moving average of $22.36. The firm has a market capitalization of $1.52 billion, a PE ratio of 5.11 and a beta of 0.35. Innoviva, Inc. has a 52 week low of $16.52 and a 52 week high of $25.15.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. 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. Wall Street Zen lowered shares of Innoviva from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Zacks Research cut shares of Innoviva from a “hold” rating to a “strong sell” rating in a report on Friday, July 31st. Cantor Fitzgerald dropped their target price on shares of Innoviva from $36.00 to $34.00 and set an “overweight” rating on the stock in a report on Friday, August 7th. Finally, Weiss Ratings downgraded shares of Innoviva from a “buy (b)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. 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’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price 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.