Kendall Capital Management Acquires New Stake in Innoviva, Inc. $INVA

Kendall Capital Management bought a new position in shares of Innoviva, Inc. (NASDAQ:INVA) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 38,580 shares of the biotechnology company’s stock, valued at approximately $876,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of INVA. Parallel Advisors LLC grew its position in Innoviva by 82.8% in 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 in the last quarter. Allworth Financial LP acquired a new stake in shares of Innoviva during the second quarter worth about $42,000. EverSource Wealth Advisors LLC lifted its position in shares of Innoviva by 297.7% during the second quarter. EverSource Wealth Advisors LLC now owns 2,398 shares of the biotechnology company’s stock worth $48,000 after purchasing an additional 1,795 shares in the last quarter. Danske Bank A S acquired a new stake in shares of Innoviva during the third quarter worth about $55,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Innoviva by 49.1% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,633 shares of the biotechnology company’s stock valued at $73,000 after purchasing an additional 1,197 shares during the period. 99.12% of the stock is currently owned by hedge funds and other institutional investors.

Innoviva Stock Performance

Shares of INVA opened at $21.07 on Friday. Innoviva, Inc. has a 1 year low of $16.52 and a 1 year high of $25.15. The stock has a market capitalization of $1.52 billion, a PE ratio of 5.14 and a beta of 0.35. 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 stock has a 50-day simple moving average of $21.80 and a 200-day simple moving average of $22.38.

Analysts Set New Price Targets

INVA has been the subject of a number of research reports. Zacks Research cut shares of Innoviva from a “hold” rating to a “strong sell” rating in a report on Friday, July 31st. HC Wainwright reiterated a “buy” rating and set a $46.00 target price on shares of Innoviva in a report on Monday, June 1st. Cantor Fitzgerald decreased their price target on shares of Innoviva from $36.00 to $34.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. Weiss Ratings cut shares of Innoviva from a “buy (b)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. Finally, BTIG Research restated a “buy” rating and issued a $42.00 price target on shares of Innoviva in a research note on Monday, June 22nd. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price 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.