Denali Advisors LLC Trims Position in Innoviva, Inc. $INVA

Denali Advisors LLC decreased its holdings in shares of Innoviva, Inc. (NASDAQ:INVA) by 76.8% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 77,200 shares of the biotechnology company’s stock after selling 255,461 shares during the quarter. Denali Advisors LLC owned about 0.12% of Innoviva worth $1,409,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in INVA. Elevation Point Wealth Partners LLC acquired a new stake in Innoviva in the 2nd quarter worth about $43,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Innoviva by 297.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,398 shares of the biotechnology company’s stock worth $48,000 after acquiring an additional 1,795 shares during the period. Asset Management One Co. Ltd. acquired a new stake in shares of Innoviva in the third quarter worth approximately $60,000. Toth Financial Advisory Corp purchased a new stake in Innoviva in the third quarter valued at approximately $63,000. Finally, Lazard Asset Management LLC purchased a new stake in Innoviva in the second quarter valued at approximately $92,000. 99.12% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

INVA has been the topic of a number of research analyst reports. Wall Street Zen upgraded shares of Innoviva from a “buy” rating to a “strong-buy” rating in a 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 upped their price target on Innoviva from $45.00 to $46.00 and gave the stock a “buy” rating in a research note on Tuesday, December 16th. Zacks Research downgraded Innoviva from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 6th. Finally, Cantor Fitzgerald boosted their target price on Innoviva from $29.00 to $31.00 and gave the stock an “overweight” rating in a report on Thursday, November 6th. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $38.80.

Innoviva Trading Up 1.2%

Shares of INVA opened at $22.70 on Tuesday. Innoviva, Inc. has a 12 month low of $16.52 and a 12 month high of $23.42. The stock’s 50-day moving average is $20.28 and its two-hundred day moving average is $19.79. The company has a debt-to-equity ratio of 0.25, a current ratio of 14.12 and a quick ratio of 13.33. The stock has a market cap of $1.70 billion, a PE ratio of 16.57 and a beta of 0.44.

Innoviva Company 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.