Innoviva (NASDAQ:INVA) Announces Quarterly Earnings Results

Innoviva (NASDAQ:INVA) issued its quarterly earnings results on Wednesday. The biotechnology company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.01, Zacks reports. The firm had revenue of $97.99 million for the quarter, compared to analyst estimates of $101.57 million. Innoviva had a return on equity of 33.33% and a net margin of 119.89%.

Innoviva Trading Up 0.4%

Innoviva stock traded up $0.09 during trading on Friday, reaching $22.89. 540,341 shares of the company were exchanged, compared to its average volume of 593,667. Innoviva has a 52-week low of $16.52 and a 52-week high of $25.15. The company has a market capitalization of $1.70 billion, a P/E ratio of 3.81 and a beta of 0.38. The company has a debt-to-equity ratio of 0.19, a current ratio of 21.13 and a quick ratio of 13.85. The stock’s 50 day simple moving average is $22.96 and its two-hundred day simple moving average is $21.32.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on INVA shares. BTIG Research lifted their price target on Innoviva from $35.00 to $42.00 and gave the stock a “buy” rating in a research note on Thursday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Innoviva in a research note on Friday, March 27th. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.20.

Hedge Funds Weigh In On Innoviva

A number of institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP lifted its position in Innoviva by 0.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,360,401 shares of the biotechnology company’s stock worth $87,164,000 after buying an additional 30,048 shares in the last quarter. State Street Corp lifted its position in Innoviva by 9.4% during the fourth quarter. State Street Corp now owns 2,796,820 shares of the biotechnology company’s stock worth $55,908,000 after buying an additional 239,848 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Innoviva by 38.1% during the third quarter. Arrowstreet Capital Limited Partnership now owns 2,358,633 shares of the biotechnology company’s stock worth $43,045,000 after buying an additional 650,151 shares in the last quarter. Geode Capital Management LLC lifted its position in Innoviva by 11.3% during the fourth quarter. Geode Capital Management LLC now owns 1,752,438 shares of the biotechnology company’s stock worth $35,038,000 after buying an additional 178,238 shares in the last quarter. Finally, Marshall Wace LLP lifted its position in Innoviva by 23.9% during the third quarter. Marshall Wace LLP now owns 1,651,711 shares of the biotechnology company’s stock worth $30,144,000 after buying an additional 318,745 shares in the last quarter. Hedge funds and other institutional investors own 99.12% of the company’s stock.

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.