Jupiter Topco LLC Purchases Shares of 387,493 Innoviva, Inc. $INVA

Jupiter Topco LLC acquired a new stake in Innoviva, Inc. (NASDAQ:INVA) during the second quarter, Holdings Channel.com reports. The fund acquired 387,493 shares of the biotechnology company’s stock, valued at approximately $6,587,000.

Other hedge funds have also recently made changes to their positions in the company. Parallel Advisors LLC increased its position 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 in the last quarter. Allworth Financial LP bought a new position in Innoviva in the 2nd quarter valued at about $42,000. EverSource Wealth Advisors LLC boosted its stake in Innoviva by 297.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,398 shares of the biotechnology company’s stock valued at $48,000 after purchasing an additional 1,795 shares during the last quarter. Danske Bank A S acquired a new position in Innoviva during the 3rd quarter valued at about $55,000. Finally, Lazard Asset Management LLC bought a new stake in Innoviva during the 2nd quarter worth approximately $92,000. 99.12% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. HC Wainwright reissued a “buy” rating and issued a $46.00 price objective on shares of Innoviva in a research note on Monday, June 1st. Wall Street Zen downgraded Innoviva from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Cantor Fitzgerald lowered their price target on Innoviva from $36.00 to $34.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. Weiss Ratings cut Innoviva from a “buy (b)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. Finally, Zacks Research downgraded shares of Innoviva from a “hold” rating to a “strong sell” rating in a report on Friday, July 31st. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Innoviva presently has a consensus rating of “Hold” and an average price target of $34.75.

Innoviva Stock Performance

INVA stock opened at $20.97 on Monday. The firm has a market cap of $1.52 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 business has a 50 day moving average of $21.66 and a 200-day moving average of $22.37. Innoviva, Inc. has a 12-month low of $16.52 and a 12-month high of $25.15.

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.