Innoviva (NASDAQ:INVA) Hits New 1-Year High Following Earnings Beat

Shares of Innoviva, Inc. (NASDAQ:INVA) reached a new 52-week high during trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $24.03 and last traded at $24.11, with a volume of 211935 shares changing hands. The stock had previously closed at $23.42.

The biotechnology company reported $1.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $1.60. Innoviva had a net margin of 65.92% and a return on equity of 42.18%. The firm had revenue of $114.61 million during the quarter, compared to analyst estimates of $102.62 million.

Analyst Ratings Changes

Several research analysts have recently weighed in on INVA shares. Zacks Research lowered Innoviva from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 6th. BTIG Research reaffirmed a “buy” rating and set a $35.00 target price on shares of Innoviva in a research note on Thursday. Cantor Fitzgerald boosted their price target on Innoviva from $29.00 to $31.00 and gave the company an “overweight” rating in a research note on Thursday, November 6th. Weiss Ratings restated a “buy (b)” rating on shares of Innoviva in a report on Monday, December 29th. Finally, HC Wainwright lifted their price objective on shares of Innoviva from $45.00 to $46.00 and gave the company a “buy” rating in a research note on Tuesday, December 16th. Six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Innoviva currently has an average rating of “Moderate Buy” and a consensus target price of $38.17.

Institutional Trading of Innoviva

Hedge funds and other institutional investors have recently bought and sold shares of the business. Invesco Ltd. lifted its stake in shares of Innoviva by 8.8% in the fourth quarter. Invesco Ltd. now owns 832,635 shares of the biotechnology company’s stock valued at $16,644,000 after buying an additional 67,069 shares in the last quarter. Vident Advisory LLC acquired a new stake in shares of Innoviva in the 4th quarter worth about $565,000. NewEdge Advisors LLC lifted its position in Innoviva by 79.2% in the 4th quarter. NewEdge Advisors LLC now owns 35,984 shares of the biotechnology company’s stock valued at $719,000 after acquiring an additional 15,899 shares in the last quarter. Empowered Funds LLC acquired a new position in Innoviva during the 4th quarter valued at about $1,492,000. Finally, Uniplan Investment Counsel Inc. increased its holdings in Innoviva by 9.5% during the 4th quarter. Uniplan Investment Counsel Inc. now owns 209,733 shares of the biotechnology company’s stock worth $4,193,000 after purchasing an additional 18,263 shares in the last quarter. Institutional investors own 99.12% of the company’s stock.

Innoviva Trading Down 2.5%

The stock has a market capitalization of $1.72 billion, a PE ratio of 7.53 and a beta of 0.44. The company has a quick ratio of 13.33, a current ratio of 14.12 and a debt-to-equity ratio of 0.25. The firm has a 50 day moving average price of $20.87 and a 200 day moving average price of $20.08.

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.