Innoviva (INVA) Trading Up 11.8% Following Strong Earnings
Innoviva Inc (NASDAQ:INVA)’s share price was up 11.8% during mid-day trading on Friday following a better than expected earnings announcement. The company traded as high as $15.67 and last traded at $15.43. Approximately 2,749,212 shares traded hands during mid-day trading, an increase of 184% from the average daily volume of 967,100 shares. The stock had previously closed at $13.80.
The biotechnology company reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.01. Innoviva had a negative return on equity of 33.55% and a net margin of 52.91%. The firm had revenue of $69.52 million during the quarter, compared to analysts’ expectations of $67.41 million. During the same period in the prior year, the business earned $0.22 EPS. The company’s revenue for the quarter was up 59.4% compared to the same quarter last year.
A number of research firms have recently issued reports on INVA. Robert W. Baird reiterated a “hold” rating and issued a $13.00 price objective on shares of Innoviva in a report on Tuesday, October 24th. Zacks Investment Research upgraded Innoviva from a “sell” rating to a “hold” rating in a report on Friday. BidaskClub upgraded Innoviva from a “hold” rating to a “buy” rating in a report on Thursday, December 21st. Deutsche Bank began coverage on Innoviva in a research note on Monday, November 20th. They issued a “hold” rating and a $13.00 target price for the company. Finally, Cowen set a $16.00 target price on Innoviva and gave the company a “buy” rating in a research note on Monday, October 23rd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. Innoviva currently has a consensus rating of “Hold” and a consensus price target of $13.83.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in INVA. Sei Investments Co. raised its position in Innoviva by 33,810.3% during the 3rd quarter. Sei Investments Co. now owns 9,834 shares of the biotechnology company’s stock valued at $138,000 after purchasing an additional 9,805 shares during the last quarter. Macquarie Group Ltd. bought a new position in Innoviva during the 3rd quarter valued at approximately $144,000. Jane Street Group LLC bought a new position in Innoviva during the 3rd quarter valued at approximately $144,000. Cubist Systematic Strategies LLC raised its position in Innoviva by 37.8% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 13,005 shares of the biotechnology company’s stock valued at $166,000 after purchasing an additional 3,569 shares during the last quarter. Finally, Magnetar Financial LLC bought a new position in Innoviva during the 3rd quarter valued at approximately $182,000. 74.17% of the stock is owned by institutional investors and hedge funds.
The stock has a market capitalization of $1,535.97, a PE ratio of 17.74 and a beta of 2.52. The company has a debt-to-equity ratio of -2.59, a quick ratio of 6.71 and a current ratio of 6.71.
Innoviva Company Profile
Innoviva, Inc, formerly Theravance, Inc, is engaged in the development, commercialization and financial management of bio-pharmaceuticals. It focuses on the respiratory assets partnered with Glaxo Group Limited (GSK), including RELVAR/BREO ELLIPTA (fluticasone furoate (FF)/vilanterol (VI)) and ANORO ELLIPTA (umeclidinium bromide/vilanterol (UMEC/VI)).
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