Innoviva (NASDAQ:INVA) Releases Quarterly Earnings Results, Misses Expectations By $1.58 EPS

Innoviva (NASDAQ:INVA) issued its quarterly earnings data on Wednesday. The biotechnology company reported ($1.14) earnings per share for the quarter, missing the consensus estimate of $0.44 by ($1.58), FiscalAI reports. The company had revenue of $119.59 million for the quarter, compared to analysts’ expectations of $110.98 million. Innoviva had a return on equity of 33.33% and a net margin of 119.89%.

Innoviva Stock Performance

Shares of INVA traded down $0.35 during mid-day trading on Wednesday, hitting $20.51. 702,932 shares of the company’s stock were exchanged, compared to its average volume of 768,616. Innoviva has a fifty-two week low of $16.52 and a fifty-two week high of $25.15. The firm has a market capitalization of $1.51 billion, a P/E ratio of 3.41 and a beta of 0.35. The business’s 50 day moving average is $22.08 and its two-hundred day moving average is $22.28. The company has a current ratio of 21.13, a quick ratio of 20.07 and a debt-to-equity ratio of 0.19.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. HC Wainwright reissued a “buy” rating and issued a $46.00 price target on shares of Innoviva in a research report on Monday, June 1st. BTIG Research reiterated a “buy” rating and set a $42.00 target price on shares of Innoviva in a research report on Monday, June 22nd. Weiss Ratings reissued a “buy (b)” rating on shares of Innoviva in a report on Wednesday, June 24th. Zacks Research cut Innoviva from a “hold” rating to a “strong sell” rating in a research report on Friday, July 31st. Finally, Wall Street Zen downgraded Innoviva from a “buy” rating to a “hold” rating in a research note on Saturday. Five analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $36.20.

Institutional Trading of Innoviva

Several institutional investors and hedge funds have recently added to or reduced their stakes in INVA. EverSource Wealth Advisors LLC grew its stake in shares of Innoviva by 297.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,398 shares of the biotechnology company’s stock valued at $48,000 after purchasing an additional 1,795 shares during the last quarter. Danske Bank A S purchased a new position in Innoviva in the 3rd quarter valued at $55,000. Lazard Asset Management LLC purchased a new position in Innoviva during the 2nd quarter worth $92,000. Ensign Peak Advisors Inc purchased a new stake in Innoviva in the 4th quarter valued at approximately $115,000. Finally, Tower Research Capital LLC TRC increased its position in Innoviva by 896.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,907 shares of the biotechnology company’s stock worth $139,000 after purchasing an additional 6,214 shares during the period. 99.12% of the stock is owned by hedge funds and other institutional investors.

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.