Vise Technologies Inc. Makes New Investment in Innoviva, Inc. $INVA

Vise Technologies Inc. bought a new position in Innoviva, Inc. (NASDAQ:INVA) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 28,057 shares of the biotechnology company’s stock, valued at approximately $637,000.

Several other hedge funds and other institutional investors also recently modified their holdings of INVA. NewEdge Wealth LLC bought a new position in Innoviva in the 2nd quarter worth approximately $2,257,000. BlackRock Inc. bought a new stake in Innoviva during the 2nd quarter valued at $77,562,000. Deutsche Bank AG bought a new stake in Innoviva during the 2nd quarter valued at $697,000. Chase Investment Counsel Corp purchased a new stake in shares of Innoviva during the second quarter worth $1,589,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Innoviva during the second quarter worth $2,053,000. Institutional investors own 99.12% of the company’s stock.

Innoviva Price Performance

INVA opened at $21.07 on Monday. The company has a fifty day moving average price of $21.80 and a 200-day moving average price of $22.38. The firm has a market capitalization of $1.52 billion, a P/E ratio of 5.14 and a beta of 0.35. 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, Inc. has a one year low of $16.52 and a one year high of $25.15.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. HC Wainwright reiterated a “buy” rating and issued a $46.00 price target on shares of Innoviva in a research report on Monday, June 1st. Zacks Research cut Innoviva from a “hold” rating to a “strong sell” rating in a report on Friday, July 31st. 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. Weiss Ratings downgraded Innoviva from a “buy (b)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. Finally, Wall Street Zen lowered Innoviva from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $34.75.

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.