Innoviva (NASDAQ:INVA) Releases Quarterly Earnings Results

Innoviva (NASDAQ:INVA) released its earnings results on Wednesday. The biotechnology company reported ($1.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.52 by ($1.55), FiscalAI reports. Innoviva had a net margin of 81.19% and a return on equity of 28.03%. The company had revenue of $106.12 million during the quarter, compared to analyst estimates of $115.31 million.

Innoviva Price Performance

NASDAQ:INVA traded up $0.33 during trading hours on Wednesday, hitting $21.26. The company’s stock had a trading volume of 922,344 shares, compared to its average volume of 638,960. Innoviva has a 52-week low of $17.87 and a 52-week high of $25.15. The company has a debt-to-equity ratio of 0.21, a quick ratio of 15.18 and a current ratio of 16.01. The business’s 50-day moving average is $20.99 and its two-hundred day moving average is $21.87. The company has a market capitalization of $1.54 billion, a PE ratio of 5.17, a PEG ratio of 3.02 and a beta of 0.38.

Analyst Ratings Changes

INVA has been the topic of a number of analyst reports. Zacks Research upgraded shares of Innoviva from a “strong sell” rating to a “hold” rating in a research report on Monday, August 31st. Wall Street Zen downgraded shares of Innoviva from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Oppenheimer began coverage on shares of Innoviva in a research report on Wednesday, September 23rd. They set an “outperform” rating and a $35.00 price objective for the company. Weiss Ratings cut shares of Innoviva from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, September 24th. Finally, Cantor Fitzgerald lowered their target price on shares of Innoviva from $36.00 to $34.00 and set an “overweight” rating on the stock in a report on Friday, August 7th. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $39.25.

About Innoviva

Innoviva, Inc is a healthcare company focused on developing, commercializing and managing medicines, with an emphasis on respiratory and hospital-based therapies. The company’s business model includes royalty interests in marketed products as well as ownership and investment in companies developing or commercializing innovative treatments.

Innoviva receives royalty revenue from respiratory medicines developed in collaboration with GlaxoSmithKline, including Trelegy Ellipta, Anoro Ellipta and Relvar/Breo Ellipta.