Man Group plc Makes New $690,000 Investment in Innoviva, Inc. $INVA

Man Group plc bought a new stake in Innoviva, Inc. (NASDAQ:INVA) during the 2nd quarter, Holdings Channel reports. The firm bought 40,613 shares of the biotechnology company’s stock, valued at approximately $690,000.

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

Innoviva Stock Performance

Innoviva stock opened at $21.35 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 $1.54 billion, a price-to-earnings ratio of 5.21 and a beta of 0.33. 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 firm’s 50 day moving average price is $21.48 and its two-hundred day moving average price is $22.34.

Wall Street Analysts Forecast Growth

Several analysts have commented on INVA shares. Weiss Ratings downgraded Innoviva from a “buy (b)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. Cantor Fitzgerald decreased their price objective on Innoviva from $36.00 to $34.00 and set an “overweight” rating on the stock in a research note on Friday, August 7th. HC Wainwright reaffirmed a “buy” rating and set a $46.00 price objective on shares of Innoviva in a research note on Monday, June 1st. Zacks Research upgraded shares of Innoviva from a “strong sell” rating to a “hold” rating in a report on Monday. Finally, BTIG Research restated a “buy” rating and issued a $42.00 target price on shares of Innoviva in a research note on Monday, June 22nd. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average 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.