Innoviva, Inc. (INVA) Shares Down 15.6% After Earnings Miss

Innoviva, Inc. (NASDAQ:INVA)’s share price dropped 15.6% during trading on Wednesday following a dissappointing earnings announcement. The stock traded as low as $11.47 and last traded at $11.73. Approximately 3,125,178 shares traded hands during mid-day trading, an increase of 201% from the average daily volume of 1,038,160 shares. The stock had previously closed at $13.89.

The biotechnology company reported $0.21 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.34 by ($0.13). The company had revenue of $48.64 million for the quarter, compared to analysts’ expectations of $57.18 million. Innoviva had a net margin of 52.91% and a negative return on equity of 30.87%. The firm’s revenue was up 46.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.13 earnings per share.

A number of equities analysts have recently issued reports on INVA shares. ValuEngine raised Innoviva from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Cowen and Company set a $16.00 price target on Innoviva and gave the stock a “buy” rating in a report on Friday, July 28th. Zacks Investment Research upgraded Innoviva from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a report on Wednesday. Robert W. Baird restated a “hold” rating and issued a $13.00 price target on shares of Innoviva in a report on Tuesday. Finally, Stifel Nicolaus restated a “hold” rating and issued a $15.00 price target on shares of Innoviva in a report on Friday, July 28th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. Innoviva currently has a consensus rating of “Hold” and an average price target of $13.60.

Several institutional investors and hedge funds have recently added to or reduced their stakes in INVA. Ameritas Investment Partners Inc. grew its holdings in shares of Innoviva by 868.0% in the 1st quarter. Ameritas Investment Partners Inc. now owns 7,328 shares of the biotechnology company’s stock worth $101,000 after acquiring an additional 6,571 shares during the period. Victory Capital Management Inc. acquired a new stake in Innoviva during the 1st quarter valued at $117,000. Cubist Systematic Strategies LLC grew its holdings in Innoviva by 37.8% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 13,005 shares of the biotechnology company’s stock valued at $166,000 after buying an additional 3,569 shares during the last quarter. Profund Advisors LLC grew its holdings in Innoviva by 8.8% during the 2nd quarter. Profund Advisors LLC now owns 15,220 shares of the biotechnology company’s stock valued at $195,000 after buying an additional 1,227 shares during the last quarter. Finally, State of Alaska Department of Revenue grew its holdings in Innoviva by 79.1% during the 2nd quarter. State of Alaska Department of Revenue now owns 15,327 shares of the biotechnology company’s stock valued at $196,000 after buying an additional 6,767 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

The company’s 50 day moving average price is $13.90 and its 200 day moving average price is $13.00. The company has a market cap of $1.33 billion, a PE ratio of 15.26 and a beta of 2.60.

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About Innoviva

Innoviva, Inc, formerly Theravance, Inc, is engaged in the development, commercialization and financial management of bio-pharmaceuticals. It focuses on the respiratory assets partnered with Glaxo Group Limited (GSK), including RELVAR/BREO ELLIPTA (fluticasone furoate (FF)/vilanterol (VI)) and ANORO ELLIPTA (umeclidinium bromide/vilanterol (UMEC/VI)).

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