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

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

Innoviva Trading Up 0.4%

NASDAQ INVA traded up $0.09 on Friday, reaching $22.89. The company had a trading volume of 540,341 shares, compared to its average volume of 593,667. The firm has a market cap of $1.70 billion, a price-to-earnings ratio of 3.81 and a beta of 0.38. Innoviva has a fifty-two week low of $16.52 and a fifty-two week high of $25.15. The business has a 50 day moving average of $22.96 and a two-hundred day moving average of $21.32. The company has a debt-to-equity ratio of 0.19, a current ratio of 21.13 and a quick ratio of 13.85.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on INVA. Weiss Ratings restated a “buy (b)” rating on shares of Innoviva in a report on Friday, March 27th. BTIG Research boosted their price target on Innoviva from $35.00 to $42.00 and gave the company a “buy” rating in a research note on Thursday. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Innoviva has a consensus rating of “Moderate Buy” and a consensus target price of $36.20.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP boosted its stake in shares of Innoviva by 0.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,360,401 shares of the biotechnology company’s stock worth $87,164,000 after buying an additional 30,048 shares during the last quarter. State Street Corp increased its holdings in shares of Innoviva by 9.4% in the fourth quarter. State Street Corp now owns 2,796,820 shares of the biotechnology company’s stock worth $55,908,000 after purchasing an additional 239,848 shares during the period. Arrowstreet Capital Limited Partnership increased its holdings in shares of Innoviva by 38.1% in the third quarter. Arrowstreet Capital Limited Partnership now owns 2,358,633 shares of the biotechnology company’s stock worth $43,045,000 after purchasing an additional 650,151 shares during the period. Geode Capital Management LLC grew its position in Innoviva by 11.3% in the fourth quarter. Geode Capital Management LLC now owns 1,752,438 shares of the biotechnology company’s stock worth $35,038,000 after acquiring an additional 178,238 shares in the last quarter. Finally, Marshall Wace LLP boosted its position in Innoviva by 23.9% during the third quarter. Marshall Wace LLP now owns 1,651,711 shares of the biotechnology company’s stock valued at $30,144,000 after buying an additional 318,745 shares during the period. Institutional investors own 99.12% of the company’s stock.

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.