Innoviva (NASDAQ:INVA) Announces Quarterly Earnings Results

Innoviva (NASDAQ:INVA - Get Free Report) issued its quarterly earnings data on Wednesday. The biotechnology company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.01, Zacks reports. The firm had revenue of $97.99 million during the quarter, compared to the consensus estimate of $101.57 million. Innoviva had a net margin of 119.89% and a return on equity of 36.58%.

Innoviva Price Performance

INVA stock opened at $22.80 on Friday. The company's 50-day moving average price is $22.96 and its two-hundred day moving average price is $21.32. Innoviva has a 12 month low of $16.52 and a 12 month high of $25.15. The company has a quick ratio of 13.85, a current ratio of 14.64 and a debt-to-equity ratio of 0.22. The firm has a market cap of $1.69 billion, a P/E ratio of 3.79 and a beta of 0.38.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC grew its position in Innoviva by 297.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,398 shares of the biotechnology company's stock worth $48,000 after acquiring an additional 1,795 shares during the last quarter. Danske Bank A S acquired a new stake in shares of Innoviva during the third quarter valued at about $55,000. Lazard Asset Management LLC bought a new stake in shares of Innoviva during the second quarter worth about $92,000. Ensign Peak Advisors Inc bought a new stake in shares of Innoviva during the fourth quarter worth about $115,000. Finally, Tower Research Capital LLC TRC increased its stake in shares of Innoviva by 896.7% in the second quarter. Tower Research Capital LLC TRC now owns 6,907 shares of the biotechnology company's stock valued at $139,000 after buying an additional 6,214 shares during the period. 99.12% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Innoviva in a report on Friday, March 27th. BTIG Research lifted their target price on Innoviva from $35.00 to $42.00 and gave the stock a "buy" rating in a report on Thursday. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $36.20.

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.