Oliver Luxxe Assets LLC Sells 26,003 Shares of Innoviva, Inc. $INVA

Oliver Luxxe Assets LLC cut its holdings in shares of Innoviva, Inc. (NASDAQ:INVA) by 30.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 58,957 shares of the biotechnology company’s stock after selling 26,003 shares during the period. Oliver Luxxe Assets LLC owned 0.08% of Innoviva worth $1,339,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the business. Creative Planning raised its stake in shares of Innoviva by 0.8% during the third quarter. Creative Planning now owns 61,365 shares of the biotechnology company’s stock worth $1,120,000 after buying an additional 461 shares during the last quarter. Bailard Inc. grew its holdings in Innoviva by 4.7% during the 4th quarter. Bailard Inc. now owns 10,933 shares of the biotechnology company’s stock worth $219,000 after acquiring an additional 492 shares during the period. Verition Fund Management LLC raised its position in shares of Innoviva by 0.3% during the 3rd quarter. Verition Fund Management LLC now owns 175,855 shares of the biotechnology company’s stock valued at $3,209,000 after acquiring an additional 527 shares during the last quarter. Parallel Advisors LLC lifted its stake in shares of 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 purchasing an additional 534 shares during the period. Finally, Bank of Montreal Can lifted its stake in shares of Innoviva by 3.8% in the 4th quarter. Bank of Montreal Can now owns 14,742 shares of the biotechnology company’s stock valued at $295,000 after purchasing an additional 540 shares during the period. Institutional investors and hedge funds own 99.12% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. BTIG Research reaffirmed a “buy” rating and set a $42.00 price objective on shares of Innoviva in a research note on Monday, June 22nd. Weiss Ratings reissued a “buy (b)” rating on shares of Innoviva in a research note on Wednesday, June 24th. Cantor Fitzgerald reduced their target price on Innoviva from $36.00 to $34.00 and set an “overweight” rating on the stock in a report on Friday. Zacks Research lowered Innoviva from a “hold” rating to a “strong sell” rating in a research report on Friday, July 31st. Finally, Wall Street Zen cut Innoviva from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Five analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Innoviva currently has a consensus rating of “Hold” and a consensus price target of $36.80.

Innoviva Price Performance

INVA opened at $20.51 on Monday. The company has a quick ratio of 15.18, a current ratio of 16.01 and a debt-to-equity ratio of 0.21. Innoviva, Inc. has a 12 month low of $16.52 and a 12 month high of $25.15. The company has a fifty day simple moving average of $22.05 and a 200 day simple moving average of $22.30. The stock has a market cap of $1.51 billion, a P/E ratio of 5.00 and a beta of 0.35.

About Innoviva

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.