Glazer Capital LLC Invests $5.13 Million in Innoviva, Inc. $INVA

Glazer Capital LLC bought a new stake in Innoviva, Inc. (NASDAQ:INVA) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 301,834 shares of the biotechnology company’s stock, valued at approximately $5,131,000.

Other hedge funds have also bought and sold shares of the company. Public Employees Retirement System of Ohio bought a new position in Innoviva during the second quarter worth about $30,000. Bank of America Corp DE bought a new stake in Innoviva in the second quarter valued at approximately $1,253,000. Freestone Grove Partners LP bought a new stake in Innoviva in the second quarter valued at approximately $2,700,000. Man Group plc bought a new stake in Innoviva in the second quarter valued at approximately $690,000. Finally, Jupiter Topco LLC acquired a new stake in shares of Innoviva in the second quarter valued at approximately $633,000. 99.12% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently commented on INVA. HC Wainwright reiterated a “buy” rating and set a $46.00 target price on shares of Innoviva in a research note on Monday, June 1st. Weiss Ratings cut Innoviva from a “buy (b)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. Cantor Fitzgerald cut their price target on Innoviva from $36.00 to $34.00 and set an “overweight” rating for the company in a report on Friday, August 7th. Zacks Research downgraded Innoviva from a “hold” rating to a “strong sell” rating in a report on Friday, July 31st. Finally, BTIG Research reaffirmed a “buy” rating and set a $42.00 price objective on shares of Innoviva in a research report on Monday, June 22nd. Three investment 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. Based on data from MarketBeat, Innoviva presently has an average rating of “Hold” and an average target price of $34.75.

Innoviva Stock Down 1.3%

Innoviva stock opened at $20.96 on Friday. The stock has a market cap of $1.51 billion, a P/E 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. Innoviva, Inc. has a twelve month low of $16.52 and a twelve month high of $25.15. The company’s 50-day moving average price is $21.69 and its two-hundred day moving average price is $22.37.

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.