Empowered Funds LLC Acquires Shares of 326,197 Innoviva, Inc. $INVA

Empowered Funds LLC acquired a new position in Innoviva, Inc. (NASDAQ:INVA) in the 2nd quarter, Holdings Channel reports. The firm acquired 326,197 shares of the biotechnology company’s stock, valued at approximately $7,408,000.

A number of other large investors have also recently modified their holdings of the stock. 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 valued at $27,000 after buying an additional 534 shares during the period. Public Employees Retirement System of Ohio purchased a new stake in Innoviva in the second quarter worth about $30,000. Allworth Financial LP purchased a new stake in Innoviva in the second quarter worth about $42,000. EverSource Wealth Advisors LLC boosted its position 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 acquiring an additional 1,795 shares in the last quarter. Finally, Danske Bank A S bought a new stake in Innoviva during the 3rd quarter valued at approximately $55,000. Institutional investors own 99.12% of the company’s stock.

Innoviva Price Performance

Shares of NASDAQ INVA opened at $20.97 on Monday. The company has a 50 day simple moving average of $21.66 and a two-hundred day simple moving average of $22.37. Innoviva, Inc. has a fifty-two week low of $16.52 and a fifty-two week high of $25.15. The company has a market capitalization of $1.52 billion, a price-to-earnings ratio of 5.11 and a beta of 0.35. The company has a debt-to-equity ratio of 0.21, a quick ratio of 15.18 and a current ratio of 16.01.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on INVA shares. BTIG Research reissued a “buy” rating and issued a $42.00 target price on shares of Innoviva in a research report on Monday, June 22nd. Zacks Research lowered Innoviva from a “hold” rating to a “strong sell” rating in a research report on Friday, July 31st. Cantor Fitzgerald reduced their price target on Innoviva from $36.00 to $34.00 and set an “overweight” rating on the stock in a research note on Friday, August 7th. Wall Street Zen lowered Innoviva from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Finally, HC Wainwright restated a “buy” rating and set a $46.00 target price on shares of Innoviva in a report on Monday, June 1st. 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 company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $34.75.

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.