Innoviva (NASDAQ:INVA) Announces Earnings Results

Key Points

• Innoviva reported $0.77 EPS for the quarter, exceeding analysts' expectations of $0.57, and generated revenue of $100.28 million, well above the consensus estimate of $87.10 million.
• Institutional investors own 99.12% of Innoviva's stock, with notable increases in holdings by firms like UBS and Royal Bank of Canada.
• Analyst ratings for Innoviva have improved, with Wall Street Zen upgrading the stock from "hold" to "buy" and Cantor Fitzgerald initiating coverage with a $26.00 target price.

Innoviva (NASDAQ:INVA - Get Free Report) issued its quarterly earnings data on Wednesday. The biotechnology company reported $0.77 earnings per share for the quarter, beating analysts' consensus estimates of $0.57 by $0.20, Zacks reports. Innoviva had a return on equity of 18.67% and a net margin of 10.44%. The company had revenue of $100.28 million during the quarter, compared to analysts' expectations of $87.10 million.

Innoviva Stock Performance

Shares of NASDAQ:INVA traded down $0.12 during trading on Friday, reaching $18.34. The company had a trading volume of 612,967 shares, compared to its average volume of 828,070. The firm has a market capitalization of $1.15 billion, a price-to-earnings ratio of 59.16 and a beta of 0.38. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.64 and a quick ratio of 2.30. The stock's fifty day moving average price is $19.87 and its 200 day moving average price is $18.75. Innoviva has a fifty-two week low of $16.67 and a fifty-two week high of $22.00.

Analysts Set New Price Targets

INVA has been the subject of a number of research reports. Wall Street Zen upgraded Innoviva from a "hold" rating to a "buy" rating in a research note on Wednesday, April 30th. HC Wainwright initiated coverage on Innoviva in a research note on Monday, July 14th. They issued a "buy" rating and a $40.00 price objective for the company. Finally, Cantor Fitzgerald initiated coverage on Innoviva in a research note on Friday, July 11th. They issued an "overweight" rating and a $26.00 price objective for the company.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of INVA. Royal Bank of Canada grew its holdings in Innoviva by 81.1% during the first quarter. Royal Bank of Canada now owns 21,530 shares of the biotechnology company's stock worth $389,000 after acquiring an additional 9,639 shares during the period. AQR Capital Management LLC grew its holdings in Innoviva by 17.8% during the first quarter. AQR Capital Management LLC now owns 167,456 shares of the biotechnology company's stock worth $3,036,000 after acquiring an additional 25,317 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in 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 acquiring an additional 1,392 shares during the period. NewEdge Advisors LLC acquired a new position in Innoviva during the first quarter worth $243,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Innoviva by 21.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 171,116 shares of the biotechnology company's stock worth $3,102,000 after acquiring an additional 30,792 shares during the period. Institutional investors and hedge funds own 99.12% of the company's stock.

Innoviva Company Profile

Innoviva, Inc engages in the development and commercialization of pharmaceutical products in the United States and internationally. The company's products include RELVAR/BREO ELLIPTA, a once-daily combination medicine consisting of a LABA, vilanterol (VI), an inhaled corticosteroid (ICS), and fluticasone furoate; ANORO ELLIPTA, a once-daily medicine combining a long-acting muscarinic antagonist (LAMA) and umeclidinium bromide (UMEC) with a LABA, VI; GIAPREZA (angiotensin II), a vasoconstrictor to increase blood pressure in adults with septic or other distributive shock; XERAVA (eravacycline) for the treatment of complicated intra-abdominal infections in adults; and XACDURO, a beta lactamase inhibitor for the treatment of hospital-acquired bacterial pneumonia and ventilator-associated bacterial pneumonia.