Innoviva (NASDAQ:INVA) Posts Quarterly Earnings Results

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

Innoviva Price Performance

NASDAQ:INVA traded down $1.28 during mid-day trading on Thursday, hitting $19.98. 691,020 shares of the company’s stock traded hands, compared to its average volume of 774,793. The company has a debt-to-equity ratio of 0.21, a quick ratio of 15.18 and a current ratio of 16.01. The firm’s 50 day simple moving average is $20.99 and its 200 day simple moving average is $21.87. Innoviva has a 1 year low of $18.85 and a 1 year high of $25.15. The company has a market cap of $1.44 billion, a PE ratio of 4.87, a price-to-earnings-growth ratio of 3.02 and a beta of 0.38.

Analysts Set New Price Targets

A number of research firms recently commented on INVA. Zacks Research raised shares of Innoviva from a “strong sell” rating to a “hold” rating in a report on Monday, August 31st. Oppenheimer dropped their target price on shares of Innoviva from $35.00 to $34.00 and set an “outperform” rating for the company in a report on Thursday. Wall Street Zen downgraded shares of Innoviva from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Weiss Ratings lowered Innoviva from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, September 24th. Finally, Cantor Fitzgerald lowered their price target on Innoviva from $36.00 to $34.00 and set an “overweight” rating on the stock in a report on Friday, August 7th. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Innoviva presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.00.

About Innoviva

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.