Innoviva (NASDAQ:INVA) Announces Quarterly Earnings Results, Misses Estimates By $1.58 EPS

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

Innoviva Stock Down 1.7%

Shares of NASDAQ INVA traded down $0.35 during trading on Wednesday, reaching $20.51. 702,932 shares of the stock were exchanged, compared to its average volume of 768,616. The business’s 50-day moving average price is $22.08 and its 200 day moving average price is $22.28. Innoviva has a twelve month low of $16.52 and a twelve month high of $25.15. The company has a quick ratio of 20.07, a current ratio of 21.13 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $1.51 billion, a price-to-earnings ratio of 3.41 and a beta of 0.35.

Analysts Set New Price Targets

INVA has been the subject of several recent research reports. HC Wainwright reissued a “buy” rating and issued a $46.00 price objective on shares of Innoviva in a research report on Monday, June 1st. Wall Street Zen cut shares of Innoviva from a “buy” rating to a “hold” rating in a research report on Saturday. Zacks Research downgraded Innoviva from a “hold” rating to a “strong sell” rating in a report on Friday, July 31st. Weiss Ratings reissued a “buy (b)” rating on shares of Innoviva in a research report on Wednesday, June 24th. Finally, BTIG Research restated a “buy” rating and set a $42.00 price objective on shares of Innoviva in a research note on Monday, June 22nd. Five research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $36.20.

Institutional Investors Weigh In On Innoviva

A number of large investors have recently added to or reduced their stakes in INVA. EverSource Wealth Advisors LLC boosted its position in 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 buying an additional 1,795 shares during the last quarter. Danske Bank A S purchased a new stake in shares of Innoviva during the third quarter worth about $55,000. Lazard Asset Management LLC acquired a new position in shares of Innoviva in the second quarter worth about $92,000. Ensign Peak Advisors Inc acquired a new position in shares of Innoviva in the fourth quarter worth about $115,000. Finally, Tower Research Capital LLC TRC lifted its stake in shares of Innoviva by 896.7% in the second quarter. Tower Research Capital LLC TRC now owns 6,907 shares of the biotechnology company’s stock worth $139,000 after acquiring an additional 6,214 shares in the last quarter. 99.12% of the stock is owned by institutional investors and hedge funds.

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.