Innoviva (NASDAQ:INVA) Issues Quarterly Earnings Results, Beats Expectations By $1.60 EPS

Innoviva (NASDAQ:INVA) released its quarterly earnings data on Wednesday. The biotechnology company reported $1.94 EPS for the quarter, beating the consensus estimate of $0.34 by $1.60, FiscalAI reports. The company had revenue of $114.61 million for the quarter, compared to analyst estimates of $102.62 million. Innoviva had a return on equity of 28.17% and a net margin of 32.78%.

Innoviva Stock Up 3.5%

Shares of INVA stock traded up $0.82 during trading hours on Wednesday, hitting $24.24. 772,050 shares of the company were exchanged, compared to its average volume of 798,844. The company has a debt-to-equity ratio of 0.25, a quick ratio of 13.33 and a current ratio of 14.12. The business’s 50-day simple moving average is $20.74 and its two-hundred day simple moving average is $20.04. Innoviva has a one year low of $16.52 and a one year high of $24.25. The stock has a market capitalization of $1.81 billion, a price-to-earnings ratio of 17.69 and a beta of 0.44.

Institutional Trading of Innoviva

Several institutional investors have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC lifted its position 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 worth $48,000 after buying an additional 1,795 shares during the last quarter. Danske Bank A S acquired a new stake in Innoviva during the third quarter worth about $55,000. Lazard Asset Management LLC bought a new position in Innoviva in the second quarter worth about $92,000. Ensign Peak Advisors Inc bought a new position in Innoviva in the fourth quarter worth about $115,000. Finally, Tower Research Capital LLC TRC boosted its stake in Innoviva by 896.7% in the second quarter. Tower Research Capital LLC TRC now owns 6,907 shares of the biotechnology company’s stock valued at $139,000 after acquiring an additional 6,214 shares during the period. Institutional investors own 99.12% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Zacks Research lowered Innoviva from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 6th. HC Wainwright increased their price objective on shares of Innoviva from $45.00 to $46.00 and gave the company a “buy” rating in a research report on Tuesday, December 16th. BTIG Research started coverage on shares of Innoviva in a research note on Tuesday, February 17th. They set a “buy” rating and a $35.00 price objective on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Innoviva in a research report on Monday, December 29th. Finally, Cantor Fitzgerald raised their price target on shares of Innoviva from $29.00 to $31.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. Six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Innoviva currently has an average rating of “Moderate Buy” and a consensus target price of $38.17.

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.