Innoviva (NASDAQ:INVA) Announces Quarterly Earnings Results, Misses Expectations By $1.58 EPS

Key Points

• Innoviva reported a quarterly loss of $1.14 per share, missing analysts’ $0.44 EPS estimate by $1.58, while revenue of $119.59 million exceeded expectations of $110.98 million.
• Shares fell 1.7% to $20.51 following the results. The stock has a market capitalization of about $1.51 billion and trades at a low price-to-earnings ratio of 3.41.
• Analyst sentiment is mixed: five firms rate Innoviva a Buy and two rate it a Sell, resulting in an overall “Hold” consensus and a $36.20 average price target. Institutional investors own 99.12% of the company.

Innoviva (NASDAQ:INVA - Get Free Report) released its quarterly earnings data on Wednesday. The biotechnology company reported ($1.14) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($1.58), FiscalAI reports. The firm had revenue of $119.59 million for the quarter, compared to analyst estimates of $110.98 million. Innoviva had a return on equity of 33.33% and a net margin of 119.89%.

Innoviva Stock Down 1.7%

Shares of NASDAQ INVA traded down $0.35 during mid-day trading on Wednesday, hitting $20.51. The company had a trading volume of 702,932 shares, compared to its average volume of 768,616. Innoviva has a 1-year low of $16.52 and a 1-year high of $25.15. The company has a market capitalization of $1.51 billion, a PE ratio of 3.41 and a beta of 0.35. The company has a debt-to-equity ratio of 0.19, a current ratio of 21.13 and a quick ratio of 20.07. The business's 50-day simple moving average is $22.08 and its 200 day simple moving average is $22.28.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on INVA. HC Wainwright reaffirmed a "buy" rating and set a $46.00 price target on shares of Innoviva in a research report on Monday, June 1st. Zacks Research downgraded Innoviva from a "hold" rating to a "strong sell" rating in a research report on Friday, July 31st. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Innoviva in a research note on Wednesday, June 24th. Wall Street Zen downgraded Innoviva from a "buy" rating to a "hold" rating in a research report on Saturday. Finally, BTIG Research reaffirmed a "buy" rating and issued a $42.00 target price on shares of Innoviva in a research report on Monday, June 22nd. Five equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $36.20.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada increased its position in shares of Innoviva by 81.1% in the 1st quarter. Royal Bank of Canada now owns 21,530 shares of the biotechnology company's stock valued at $389,000 after purchasing an additional 9,639 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of Innoviva by 17.8% during the 1st 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of 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 worth $596,000 after acquiring an additional 1,392 shares in the last quarter. NewEdge Advisors LLC purchased a new position in shares of Innoviva in the 1st quarter valued at about $243,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised 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 worth $3,102,000 after acquiring an additional 30,792 shares in the last quarter. Hedge funds and other institutional investors own 99.12% of the company's stock.

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.

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