Connor Clark & Lunn Investment Management Ltd. Makes New $3.05 Million Investment in Innoviva, Inc. $INVA

Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Innoviva, Inc. (NASDAQ:INVA) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 179,641 shares of the biotechnology company’s stock, valued at approximately $3,054,000.

A number of other hedge funds also recently modified their holdings of the business. Parallel Advisors LLC grew its holdings 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 valued at $27,000 after buying an additional 534 shares in the last quarter. Allworth Financial LP purchased a new stake in Innoviva in the 2nd quarter worth about $42,000. EverSource Wealth Advisors LLC lifted its stake in 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 purchased a new stake in Innoviva in the 3rd quarter worth about $55,000. Finally, Lazard Asset Management LLC acquired a new stake in Innoviva during the 2nd quarter worth about $92,000. Hedge funds and other institutional investors own 99.12% of the company’s stock.

Analyst Ratings Changes

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

Innoviva Price Performance

INVA opened at $20.97 on Friday. The stock has a fifty day moving average price of $21.66 and a 200 day moving average price of $22.36. The company has a current ratio of 16.01, a quick ratio of 15.18 and a debt-to-equity ratio of 0.21. Innoviva, Inc. has a 1 year low of $16.52 and a 1 year high of $25.15. The stock has a market cap of $1.52 billion, a price-to-earnings ratio of 5.11 and a beta of 0.35.

Innoviva 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.