Legal & General Group Plc Buys New Shares in Innoviva, Inc. $INVA

Legal & General Group Plc purchased a new stake in Innoviva, Inc. (NASDAQ:INVA) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 34,654 shares of the biotechnology company’s stock, valued at approximately $589,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Royal Bank of Canada boosted its stake in shares of Innoviva by 81.1% during the 1st quarter. Royal Bank of Canada now owns 21,530 shares of the biotechnology company’s stock worth $389,000 after buying an additional 9,639 shares during the last quarter. AQR Capital Management LLC raised its holdings in Innoviva by 17.8% during the first quarter. AQR Capital Management LLC now owns 167,456 shares of the biotechnology company’s stock worth $3,036,000 after acquiring an additional 25,317 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Innoviva by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,882 shares of the biotechnology company’s stock worth $596,000 after acquiring an additional 1,392 shares in the last quarter. NewEdge Advisors LLC bought a new stake in Innoviva during the first quarter worth about $243,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Innoviva by 21.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 171,116 shares of the biotechnology company’s stock valued at $3,102,000 after purchasing an additional 30,792 shares during the last quarter. 99.12% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Weiss Ratings lowered Innoviva from a “buy (b)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. Wall Street Zen downgraded Innoviva from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. BTIG Research reissued a “buy” rating and issued a $42.00 price objective on shares of Innoviva in a report on Monday, June 22nd. Cantor Fitzgerald decreased their target price on shares of Innoviva from $36.00 to $34.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. Finally, Zacks Research upgraded shares of Innoviva from a “strong sell” rating to a “hold” rating in a report on Monday, August 31st. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $34.75.

Innoviva Trading Up 0.0%

Shares of NASDAQ:INVA opened at $21.34 on Wednesday. Innoviva, Inc. has a 52-week low of $16.52 and a 52-week high of $25.15. The company has a debt-to-equity ratio of 0.21, a quick ratio of 15.18 and a current ratio of 16.01. The company has a market capitalization of $1.54 billion, a P/E ratio of 5.20 and a beta of 0.33. The company has a 50-day simple moving average of $21.37 and a 200 day simple moving average of $22.29.

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.