Canada Pension Plan Investment Board Makes New Investment in Innoviva, Inc. $INVA

Canada Pension Plan Investment Board acquired a new stake in shares of Innoviva, Inc. (NASDAQ:INVA) during the second quarter, HoldingsChannel.com reports. The firm acquired 49,700 shares of the biotechnology company’s stock, valued at approximately $845,000.

Several other institutional investors have also modified their holdings of INVA. Chase Investment Counsel Corp purchased a new stake in Innoviva during the 2nd quarter valued at $1,589,000. Bank of America Corp DE boosted its stake in Innoviva by 6.6% during the first quarter. Bank of America Corp DE now owns 1,619,994 shares of the biotechnology company’s stock worth $37,746,000 after buying an additional 100,791 shares during the period. Dimensional Fund Advisors LP boosted its stake in Innoviva by 1.7% during the first quarter. Dimensional Fund Advisors LP now owns 4,436,427 shares of the biotechnology company’s stock worth $103,366,000 after buying an additional 76,026 shares during the period. Jennison Associates LLC bought a new position in Innoviva during the fourth quarter valued at $928,000. Finally, Hsbc Holdings PLC bought a new position in Innoviva during the fourth quarter valued at $6,428,000. 99.12% of the stock is owned by institutional investors.

Analyst Ratings Changes

INVA has been the subject of several analyst reports. Cantor Fitzgerald lowered their target price 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. Zacks Research downgraded shares of Innoviva from a “hold” rating to a “strong sell” rating in a report on Friday, July 31st. BTIG Research reissued a “buy” rating and issued a $42.00 price objective on shares of Innoviva in a research report on Monday, June 22nd. Weiss Ratings downgraded shares of Innoviva from a “buy (b)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. Finally, Wall Street Zen lowered Innoviva from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $34.75.

Innoviva Stock Down 1.0%

NASDAQ:INVA opened at $20.77 on Tuesday. The company has a market cap of $1.50 billion, a price-to-earnings ratio of 5.07 and a beta of 0.35. Innoviva, Inc. has a twelve month low of $16.52 and a twelve month high of $25.15. 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 fifty day simple moving average of $21.62 and a 200-day simple moving average of $22.36.

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.