Innoviva (NASDAQ:INVA) Announces Quarterly Earnings Results, Misses Estimates By $1.55 EPS

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

Innoviva Stock Up 1.6%

Shares of INVA traded up $0.33 during midday trading on Wednesday, reaching $21.26. The stock had a trading volume of 922,344 shares, compared to its average volume of 638,960. Innoviva has a 1-year low of $17.87 and a 1-year high of $25.15. The company’s fifty day simple moving average is $20.99 and its two-hundred day simple moving average is $21.87. The company has a market cap of $1.54 billion, a price-to-earnings ratio of 5.17, a PEG ratio of 3.02 and a beta of 0.38. The company has a debt-to-equity ratio of 0.21, a current ratio of 16.01 and a quick ratio of 15.18.

Analyst Upgrades and Downgrades

INVA has been the topic of several research reports. Zacks Research raised shares of Innoviva from a “strong sell” rating to a “hold” rating in a research report on Monday, August 31st. Oppenheimer assumed coverage on shares of Innoviva in a research note on Wednesday, September 23rd. They issued 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 report on Thursday, September 24th. Cantor Fitzgerald cut their target price on shares of Innoviva from $36.00 to $34.00 and set an “overweight” rating on the stock in a research note on Friday, August 7th. Finally, Wall Street Zen downgraded shares of Innoviva from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $39.25.

Innoviva Company Profile

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.