Empowered Funds LLC Acquires New Stake in Innoviva, Inc. $INVA

Empowered Funds LLC bought a new position in shares of Innoviva, Inc. (NASDAQ:INVA) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 326,197 shares of the biotechnology company’s stock, valued at approximately $7,408,000. Empowered Funds LLC owned approximately 0.45% of Innoviva as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in INVA. Parallel Advisors LLC boosted its position in shares of Innoviva by 82.8% during the 1st quarter. Parallel Advisors LLC now owns 1,179 shares of the biotechnology company’s stock valued at $27,000 after acquiring an additional 534 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new position in Innoviva in the 2nd quarter worth approximately $30,000. Allworth Financial LP purchased a new position in Innoviva in the 2nd quarter worth approximately $42,000. EverSource Wealth Advisors LLC increased its holdings in shares of Innoviva by 297.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,398 shares of the biotechnology company’s stock worth $48,000 after buying an additional 1,795 shares during the last quarter. Finally, Danske Bank A S bought a new position in shares of Innoviva in the 3rd quarter worth $55,000. 99.12% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Innoviva Stock Performance

Innoviva stock opened at $20.97 on Monday. 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 firm has a 50-day moving average of $21.66 and a 200-day moving average of $22.37. The firm has a market cap of $1.52 billion, a P/E ratio of 5.11 and a beta of 0.35. Innoviva, Inc. has a 1-year low of $16.52 and a 1-year high of $25.15.

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.