Innoviva (NASDAQ:INVA) Releases Earnings Results, Beats Estimates By $1.79 EPS

Key Points

• EPS beat: Innoviva reported quarterly EPS of $2.22, topping estimates of $0.43 by $1.79, and delivered a strong profitability profile with a 65.92% net margin and 37.63% ROE.
• Revenue miss and market reaction: Revenue was $97.99 million versus $101.57 million expected, and shares traded down about 0.6% to $22.52; the company has a market cap of $1.67 billion and a PE of 7.38.
• Analyst and institutional picture: The consensus is a "Moderate Buy" (five Buys, one Hold, one Sell) with an average target of $34.80, and institutional investors own 99.12% of the stock with recent sizable inflows from several large funds.

Innoviva (NASDAQ:INVA - Get Free Report) posted its quarterly earnings data on Wednesday. The biotechnology company reported $2.22 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.43 by $1.79, FiscalAI reports. Innoviva had a return on equity of 37.63% and a net margin of 65.92%.The firm had revenue of $97.99 million during the quarter, compared to analysts' expectations of $101.57 million.

Innoviva Stock Down 0.6%

Shares of NASDAQ:INVA traded down $0.13 during trading on Wednesday, hitting $22.52. The stock had a trading volume of 612,502 shares, compared to its average volume of 571,651. Innoviva has a 12 month low of $16.52 and a 12 month high of $25.15. The company has a market capitalization of $1.67 billion, a PE ratio of 7.38 and a beta of 0.38. The firm's fifty day moving average is $22.98 and its 200 day moving average is $21.29. The company has a quick ratio of 13.85, a current ratio of 14.64 and a debt-to-equity ratio of 0.22.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. BTIG Research reiterated a "buy" rating and issued a $35.00 price objective on shares of Innoviva in a report on Thursday, February 26th. Weiss Ratings restated a "buy (b)" rating on shares of Innoviva in a research report on Friday, March 27th. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Innoviva has an average rating of "Moderate Buy" and an average target price of $34.80.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in INVA. Arrowstreet Capital Limited Partnership raised its position in shares of Innoviva by 38.1% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,358,633 shares of the biotechnology company's stock worth $43,045,000 after acquiring an additional 650,151 shares in the last quarter. Boston Partners increased its position in Innoviva by 63.6% during the 3rd quarter. Boston Partners now owns 1,431,601 shares of the biotechnology company's stock valued at $26,125,000 after buying an additional 556,517 shares in the last quarter. Qube Research & Technologies Ltd increased its position in Innoviva by 68.2% during the 3rd quarter. Qube Research & Technologies Ltd now owns 1,023,534 shares of the biotechnology company's stock valued at $18,679,000 after buying an additional 414,889 shares in the last quarter. UBS Group AG increased its position in Innoviva by 127.2% during the 3rd quarter. UBS Group AG now owns 572,368 shares of the biotechnology company's stock valued at $10,446,000 after buying an additional 320,499 shares in the last quarter. Finally, Marshall Wace LLP increased its position in Innoviva by 23.9% during the 3rd 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 in the last quarter. 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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