Innoviva (NASDAQ:INVA) Hits New 1-Year High on Better-Than-Expected Earnings
by Kim Johansen · The Markets DailyInnoviva, Inc. (NASDAQ:INVA – Get Free Report)’s share price hit a new 52-week high on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $24.03 and last traded at $24.11, with a volume of 211935 shares traded. The stock had previously closed at $23.42.
The biotechnology company reported $1.94 earnings per share for the quarter, topping the consensus estimate of $0.34 by $1.60. The business had revenue of $114.61 million during the quarter, compared to the consensus estimate of $102.62 million. Innoviva had a return on equity of 42.18% and a net margin of 65.92%.
Analysts Set New Price Targets
A number of analysts have weighed in on INVA shares. Zacks Research downgraded Innoviva from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 6th. HC Wainwright boosted their target price on Innoviva from $45.00 to $46.00 and gave the company a “buy” rating in a research report on Tuesday, December 16th. BTIG Research reaffirmed a “buy” rating and set a $35.00 target price on shares of Innoviva in a research report on Thursday. Weiss Ratings reiterated a “buy (b)” rating on shares of Innoviva in a report on Monday, December 29th. Finally, Cantor Fitzgerald upped their target price on shares of Innoviva from $29.00 to $31.00 and gave the stock an “overweight” rating in a report on Thursday, November 6th. Six equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Innoviva currently has an average rating of “Moderate Buy” and an average price target of $38.17.
View Our Latest Research Report on INVA
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently modified their holdings of the business. Marshall Wace LLP increased its stake in shares of Innoviva by 870.3% during the second quarter. Marshall Wace LLP now owns 1,332,966 shares of the biotechnology company’s stock valued at $26,779,000 after buying an additional 1,195,596 shares during the period. Vanguard Group Inc. grew its stake in shares of Innoviva by 11.6% in the 4th quarter. Vanguard Group Inc. now owns 7,917,103 shares of the biotechnology company’s stock worth $158,263,000 after buying an additional 819,757 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of Innoviva by 85.3% during the second quarter. Arrowstreet Capital Limited Partnership now owns 1,708,482 shares of the biotechnology company’s stock valued at $34,323,000 after acquiring an additional 786,409 shares in the last quarter. Boston Partners raised its position in shares of Innoviva by 63.6% in the 3rd quarter. Boston Partners now owns 1,431,601 shares of the biotechnology company’s stock worth $26,125,000 after purchasing an additional 556,517 shares during the last quarter. Finally, Royce & Associates LP boosted its stake in Innoviva by 641.2% in the 3rd quarter. Royce & Associates LP now owns 505,906 shares of the biotechnology company’s stock worth $9,233,000 after purchasing an additional 437,654 shares in the last quarter. Hedge funds and other institutional investors own 99.12% of the company’s stock.
Innoviva Stock Down 2.5%
The company has a market capitalization of $1.72 billion, a PE ratio of 7.53 and a beta of 0.44. The company has a debt-to-equity ratio of 0.25, a quick ratio of 13.33 and a current ratio of 14.12. The company’s 50-day moving average is $20.87 and its 200 day moving average is $20.08.
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.