Innoviva (NASDAQ:INVA) Announces Earnings Results, Beats Expectations By $0.01 EPS

Innoviva (NASDAQ:INVA) issued its quarterly earnings results on Wednesday. The biotechnology company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.01, Zacks reports. The company had revenue of $97.99 million during the quarter, compared to analysts’ expectations of $101.57 million. Innoviva had a net margin of 119.89% and a return on equity of 33.33%.

Innoviva Price Performance

Shares of NASDAQ:INVA traded up $0.09 on Friday, hitting $22.89. The company’s stock had a trading volume of 540,341 shares, compared to its average volume of 593,667. The company has a market capitalization of $1.70 billion, a PE ratio of 3.81 and a beta of 0.38. The company has a debt-to-equity ratio of 0.19, a current ratio of 21.13 and a quick ratio of 13.85. Innoviva has a 1 year low of $16.52 and a 1 year high of $25.15. The company has a 50-day simple moving average of $22.96 and a 200 day simple moving average of $21.32.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on INVA. BTIG Research raised their target price on Innoviva from $35.00 to $42.00 and gave the company a “buy” rating in a report on Thursday. Weiss Ratings restated a “buy (b)” rating on shares of Innoviva in a report on Friday, March 27th. Five 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. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $36.20.

Institutional Investors Weigh In On Innoviva

A number of large investors have recently made changes to their positions in the business. Mariner LLC purchased a new stake in Innoviva during the fourth quarter valued at approximately $233,000. Vise Technologies Inc. grew its stake in Innoviva by 6.1% in the third quarter. Vise Technologies Inc. now owns 12,581 shares of the biotechnology company’s stock worth $230,000 after purchasing an additional 724 shares in the last quarter. Rafferty Asset Management LLC boosted its position in Innoviva by 9.5% during the 4th quarter. Rafferty Asset Management LLC now owns 11,339 shares of the biotechnology company’s stock valued at $227,000 after acquiring an additional 983 shares in the last quarter. Maryland State Retirement & Pension System acquired a new stake in shares of Innoviva in the 4th quarter worth $205,000. Finally, Algert Global LLC acquired a new stake in shares of Innoviva in the 3rd quarter worth $201,000. 99.12% of the stock is currently owned by institutional investors.

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.