Kendall Capital Management Makes New Investment in Innoviva, Inc. $INVA

Kendall Capital Management bought a new position in shares of Innoviva, Inc. (NASDAQ:INVA) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 38,580 shares of the biotechnology company’s stock, valued at approximately $876,000. Kendall Capital Management owned approximately 0.05% of Innoviva as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of INVA. Vanguard Group Inc. lifted its stake in shares of Innoviva by 11.6% in the fourth quarter. Vanguard Group Inc. now owns 7,917,103 shares of the biotechnology company’s stock worth $158,263,000 after buying an additional 819,757 shares in the last quarter. BlackRock Inc. purchased a new stake in Innoviva during the 2nd quarter valued at about $77,562,000. Dimensional Fund Advisors LP grew its stake in Innoviva by 1.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,436,427 shares of the biotechnology company’s stock valued at $103,366,000 after acquiring an additional 76,026 shares in the last quarter. State Street Corp raised its holdings in Innoviva by 9.4% in the 4th quarter. State Street Corp now owns 2,796,820 shares of the biotechnology company’s stock valued at $55,908,000 after acquiring an additional 239,848 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its holdings in Innoviva by 38.1% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,358,633 shares of the biotechnology company’s stock valued at $43,045,000 after acquiring an additional 650,151 shares during the last quarter. 99.12% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

INVA has been the topic of several recent research reports. Cantor Fitzgerald lowered their target price on Innoviva from $36.00 to $34.00 and set an “overweight” rating on the stock in a report on Friday, August 7th. HC Wainwright reaffirmed a “buy” rating and issued a $46.00 price target on shares of Innoviva in a report on Monday, June 1st. BTIG Research reaffirmed a “buy” rating and issued a $42.00 price target on shares of Innoviva in a report on Monday, June 22nd. Zacks Research downgraded Innoviva from a “hold” rating to a “strong sell” rating in a research report on Friday, July 31st. Finally, Weiss Ratings lowered Innoviva from a “buy (b)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. 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. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $34.75.

Innoviva Trading Up 0.3%

Shares of INVA stock opened at $21.07 on Friday. Innoviva, Inc. has a 1-year low of $16.52 and a 1-year high of $25.15. The firm has a market cap of $1.52 billion, a PE ratio of 5.14 and a beta of 0.35. The company has a 50-day moving average of $21.80 and a two-hundred day moving average of $22.38. The company has a debt-to-equity ratio of 0.21, a current ratio of 16.01 and a quick ratio of 15.18.

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.