Innoviva (NASDAQ:INVA) Announces Quarterly Earnings Results

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

Innoviva Price Performance

INVA stock traded up $0.82 on Wednesday, reaching $24.24. 772,050 shares of the company’s stock were exchanged, compared to its average volume of 738,472. The stock has a fifty day moving average of $20.66 and a 200-day moving average of $20.01. The firm has a market cap of $1.81 billion, a PE ratio of 17.69 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. Innoviva has a twelve month low of $16.52 and a twelve month high of $24.25.

Hedge Funds Weigh In On Innoviva

A number of large investors have recently made changes to their positions in the stock. denkapparat Operations GmbH lifted its holdings in Innoviva by 50.1% in the 4th quarter. denkapparat Operations GmbH now owns 23,428 shares of the biotechnology company’s stock valued at $468,000 after purchasing an additional 7,824 shares in the last quarter. Ieq Capital LLC grew its holdings in shares of Innoviva by 6.7% during the fourth quarter. Ieq Capital LLC now owns 29,849 shares of the biotechnology company’s stock worth $597,000 after buying an additional 1,869 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Innoviva by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,882 shares of the biotechnology company’s stock worth $596,000 after buying an additional 1,392 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Innoviva by 5.5% in the fourth quarter. The Manufacturers Life Insurance Company now owns 29,755 shares of the biotechnology company’s stock valued at $595,000 after buying an additional 1,541 shares during the last quarter. Finally, Vident Advisory LLC purchased a new position in shares of Innoviva during the fourth quarter valued at approximately $565,000. Hedge funds and other institutional investors own 99.12% of the company’s stock.

Analyst Upgrades and Downgrades

INVA has been the topic of a number of research reports. Zacks Research lowered Innoviva from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 6th. BTIG Research started coverage on Innoviva in a research report on Tuesday, February 17th. They set a “buy” rating and a $35.00 price objective for the company. Weiss Ratings reissued a “buy (b)” rating on shares of Innoviva in a report on Monday, December 29th. HC Wainwright upped their price target on Innoviva from $45.00 to $46.00 and gave the stock a “buy” rating in a research note on Tuesday, December 16th. Finally, Cantor Fitzgerald lifted their price objective on shares of Innoviva from $29.00 to $31.00 and gave the company an “overweight” rating in a research report on Thursday, November 6th. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Innoviva has a consensus rating of “Moderate Buy” and a consensus price target of $38.17.

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.