Innoviva, Inc. $INVA Stock Purchased by Profund Advisors LLC

Profund Advisors LLC grew its position in shares of Innoviva, Inc. (NASDAQ:INVA) by 413.9% in the third quarter, according to its most recent filing with the SEC. The fund owned 76,047 shares of the biotechnology company’s stock after acquiring an additional 61,248 shares during the quarter. Profund Advisors LLC’s holdings in Innoviva were worth $1,613,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of INVA. Dimensional Fund Advisors LP raised its position in shares of 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 buying an additional 76,026 shares in the last quarter. BlackRock Inc. purchased a new position in shares of Innoviva during the 2nd quarter worth about $77,562,000. Bank of America Corp DE purchased a new position in shares of Innoviva during the 2nd quarter worth about $37,873,000. Deutsche Bank AG purchased a new position in shares of Innoviva during the 2nd quarter worth about $20,847,000. Finally, William Blair Investment Management LLC bought a new position in Innoviva during the 2nd quarter valued at about $14,584,000. 99.12% of the stock is owned by hedge funds and other institutional investors.

Innoviva Stock Performance

Shares of INVA opened at $21.02 on Tuesday. Innoviva, Inc. has a 12 month low of $17.83 and a 12 month high of $25.15. The stock has a fifty day moving average price of $20.99 and a 200-day moving average price of $21.86. 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 market cap of $1.52 billion, a PE ratio of 5.13, a P/E/G ratio of 3.05 and a beta of 0.38.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Wall Street Zen lowered shares of Innoviva from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Weiss Ratings lowered Innoviva from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, September 24th. Oppenheimer initiated coverage on Innoviva in a research report on Wednesday, September 23rd. They set an “outperform” rating and a $35.00 target price for the company. Cantor Fitzgerald cut their target price on Innoviva from $36.00 to $34.00 and set an “overweight” rating on the stock in a research note on Friday, August 7th. Finally, Zacks Research upgraded Innoviva from a “strong sell” rating to a “hold” rating in a report on Monday, August 31st. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $39.25.

About Innoviva

Innoviva, Inc is a healthcare company focused on developing, commercializing and managing medicines, with an emphasis on respiratory and hospital-based therapies. The company’s business model includes royalty interests in marketed products as well as ownership and investment in companies developing or commercializing innovative treatments.

Innoviva receives royalty revenue from respiratory medicines developed in collaboration with GlaxoSmithKline, including Trelegy Ellipta, Anoro Ellipta and Relvar/Breo Ellipta.