New York State Common Retirement Fund Sells 84,700 Shares of Innoviva, Inc. $INVA

New York State Common Retirement Fund reduced its position in Innoviva, Inc. (NASDAQ:INVA) by 74.7% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 28,692 shares of the biotechnology company’s stock after selling 84,700 shares during the period. New York State Common Retirement Fund’s holdings in Innoviva were worth $524,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Synergy Asset Management LLC purchased a new stake in shares of Innoviva in the 3rd quarter worth approximately $1,852,000. Entropy Technologies LP raised its stake in Innoviva by 241.0% in the second quarter. Entropy Technologies LP now owns 39,149 shares of the biotechnology company’s stock worth $787,000 after buying an additional 27,667 shares in the last quarter. Boston Partners lifted its holdings in Innoviva by 40.6% during the second quarter. Boston Partners now owns 875,084 shares of the biotechnology company’s stock worth $17,578,000 after buying an additional 252,534 shares during the period. American Century Companies Inc. lifted its holdings in Innoviva by 23.3% during the second quarter. American Century Companies Inc. now owns 2,066,753 shares of the biotechnology company’s stock worth $41,521,000 after buying an additional 391,056 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its position in Innoviva by 85.3% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,708,482 shares of the biotechnology company’s stock valued at $34,323,000 after acquiring an additional 786,409 shares in the last quarter. 99.12% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Wall Street Zen raised Innoviva from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 25th. Weiss Ratings reiterated a “buy (b)” rating on shares of Innoviva in a report on Monday, December 29th. HC Wainwright increased their price target on shares of Innoviva from $45.00 to $46.00 and gave the company a “buy” rating in a research report on Tuesday, December 16th. Zacks Research downgraded shares of Innoviva from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 6th. Finally, Cantor Fitzgerald boosted their price objective on shares of Innoviva from $29.00 to $31.00 and gave the stock an “overweight” rating in a research note on Thursday, November 6th. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $38.80.

Innoviva Price Performance

Shares of NASDAQ INVA opened at $21.84 on Wednesday. Innoviva, Inc. has a fifty-two week low of $16.52 and a fifty-two week high of $22.76. The company has a market cap of $1.63 billion, a PE ratio of 15.94 and a beta of 0.44. The company has a debt-to-equity ratio of 0.25, a quick ratio of 13.33 and a current ratio of 14.12. The business has a 50-day simple moving average of $20.14 and a two-hundred day simple moving average of $19.67.

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.