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

Innoviva (NASDAQ:INVA) issued its earnings results on Wednesday. The biotechnology company reported $1.94 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $1.60, FiscalAI reports. The business had revenue of $114.61 million for the quarter, compared to the consensus estimate of $102.62 million. Innoviva had a net margin of 65.92% and a return on equity of 42.18%.

Innoviva Stock Performance

NASDAQ:INVA traded down $0.57 during midday trading on Friday, reaching $22.97. The stock had a trading volume of 385,138 shares, compared to its average volume of 745,052. Innoviva has a 12-month low of $16.52 and a 12-month high of $25.15. 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 fifty day simple moving average of $20.81 and a two-hundred day simple moving average of $20.06. The stock has a market cap of $1.72 billion, a P/E ratio of 7.53 and a beta of 0.44.

Institutional Investors Weigh In On Innoviva

Several hedge funds have recently made changes to their positions in the business. Royal Bank of Canada lifted its position in Innoviva by 81.1% during the first quarter. Royal Bank of Canada now owns 21,530 shares of the biotechnology company’s stock valued at $389,000 after buying an additional 9,639 shares in the last quarter. AQR Capital Management LLC raised its position in shares of Innoviva by 17.8% in the 1st quarter. AQR Capital Management LLC now owns 167,456 shares of the biotechnology company’s stock valued at $3,036,000 after purchasing an additional 25,317 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Innoviva by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,882 shares of the biotechnology company’s stock valued at $596,000 after acquiring an additional 1,392 shares during the last quarter. NewEdge Advisors LLC acquired a new stake in shares of Innoviva during the 1st quarter valued at approximately $243,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Innoviva by 21.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 171,116 shares of the biotechnology company’s stock valued at $3,102,000 after buying an additional 30,792 shares during the last quarter. Institutional investors and hedge funds own 99.12% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.