Innoviva (NASDAQ:INVA) Posts Quarterly Earnings Results, Beats Estimates By $1.60 EPS

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

Innoviva Stock Up 3.5%

NASDAQ:INVA traded up $0.82 during midday trading on Wednesday, hitting $24.24. 772,050 shares of the company were exchanged, compared to its average volume of 738,472. The company has a fifty day simple moving average of $20.66 and a 200 day simple moving average of $20.01. Innoviva has a fifty-two week low of $16.52 and a fifty-two week high of $24.25. The company has a current ratio of 14.12, a quick ratio of 13.33 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $1.81 billion, a PE ratio of 17.69 and a beta of 0.44.

Analyst Ratings Changes

A number of brokerages recently issued reports on INVA. Weiss Ratings reiterated a “buy (b)” rating on shares of Innoviva in a research note on Monday, December 29th. Zacks Research lowered shares of Innoviva from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 6th. HC Wainwright lifted their price objective on shares of Innoviva from $45.00 to $46.00 and gave the stock a “buy” rating in a research report on Tuesday, December 16th. Cantor Fitzgerald boosted their target price on shares of Innoviva from $29.00 to $31.00 and gave the stock an “overweight” rating in a research note on Thursday, November 6th. Finally, BTIG Research initiated coverage on Innoviva in a research note on Tuesday, February 17th. They issued a “buy” rating and a $35.00 price target on the stock. Six research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $38.17.

Institutional Trading of Innoviva

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC boosted 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 valued at $48,000 after purchasing an additional 1,795 shares during the period. Danske Bank A S purchased a new stake in Innoviva in the third quarter valued at approximately $55,000. Lazard Asset Management LLC purchased a new stake in Innoviva in the second quarter valued at approximately $92,000. Ensign Peak Advisors Inc acquired a new stake in shares of Innoviva in the fourth quarter valued at approximately $115,000. Finally, Tower Research Capital LLC TRC grew its position in shares of Innoviva by 896.7% during 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 during the last quarter. Institutional investors and hedge funds 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.