Innoviva Inc (INVA) Expected to Announce Quarterly Sales of $66.75 Million

Wall Street analysts expect Innoviva Inc (NASDAQ:INVA) to report sales of $66.75 million for the current quarter, according to Zacks. Three analysts have issued estimates for Innoviva’s earnings, with estimates ranging from $60.91 million to $73.71 million. Innoviva posted sales of $43.61 million during the same quarter last year, which suggests a positive year over year growth rate of 53.1%. The company is expected to announce its next earnings report on Thursday, February 8th.

On average, analysts expect that Innoviva will report full year sales of $66.75 million for the current fiscal year, with estimates ranging from $208.61 million to $231.78 million. For the next fiscal year, analysts anticipate that the company will post sales of $290.47 million per share, with estimates ranging from $232.90 million to $336.77 million. Zacks’ sales averages are an average based on a survey of sell-side analysts that cover Innoviva.

Innoviva (NASDAQ:INVA) last released its quarterly earnings data on Wednesday, October 25th. The biotechnology company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.13). Innoviva had a net margin of 52.91% and a negative return on equity of 33.55%. The company had revenue of $48.64 million during the quarter, compared to the consensus estimate of $57.18 million. During the same quarter in the prior year, the company posted $0.13 earnings per share. The company’s revenue for the quarter was up 46.0% on a year-over-year basis.

A number of research analysts have recently weighed in on INVA shares. Morgan Stanley reissued an “underweight” rating and issued a $8.00 price target (up previously from $7.00) on shares of Innoviva in a research note on Friday, October 6th. ValuEngine upgraded shares of Innoviva from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. BidaskClub upgraded shares of Innoviva from a “hold” rating to a “buy” rating in a research report on Thursday, December 21st. Stifel Nicolaus restated a “neutral” rating on shares of Innoviva in a research report on Friday, September 15th. Finally, Robert W. Baird restated a “hold” rating and issued a $13.00 price objective on shares of Innoviva in a research report on Tuesday, October 24th. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company’s stock. Innoviva currently has an average rating of “Hold” and a consensus target price of $13.50.

Shares of Innoviva (INVA) opened at $14.35 on Thursday. Innoviva has a 12 month low of $10.29 and a 12 month high of $14.87. The firm has a market capitalization of $1,560.00, a P/E ratio of 18.16 and a beta of 2.53. The company has a quick ratio of 6.71, a current ratio of 6.71 and a debt-to-equity ratio of -2.59.

In other Innoviva news, insider Michael W. Aguiar sold 12,022 shares of the stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $13.13, for a total transaction of $157,848.86. Following the completion of the transaction, the insider now owns 980,907 shares in the company, valued at approximately $12,879,308.91. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Eric Desparbes sold 15,285 shares of the stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $13.28, for a total value of $202,984.80. Following the transaction, the chief financial officer now owns 337,027 shares of the company’s stock, valued at approximately $4,475,718.56. The disclosure for this sale can be found here. In the last 90 days, insiders sold 32,522 shares of company stock valued at $429,985. 1.60% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in INVA. Federated Investors Inc. PA lifted its position in Innoviva by 9.2% during the second quarter. Federated Investors Inc. PA now owns 121,499 shares of the biotechnology company’s stock worth $1,555,000 after acquiring an additional 10,269 shares during the last quarter. Sarissa Capital Management LP lifted its position in Innoviva by 3.2% during the third quarter. Sarissa Capital Management LP now owns 3,600,705 shares of the biotechnology company’s stock worth $50,841,000 after acquiring an additional 110,000 shares during the last quarter. State of Wisconsin Investment Board acquired a new stake in Innoviva during the second quarter worth approximately $730,000. Engineers Gate Manager LP acquired a new stake in Innoviva during the third quarter worth approximately $1,492,000. Finally, Crossmark Global Holdings Inc. acquired a new stake in Innoviva during the third quarter worth approximately $533,000. Institutional investors own 74.41% of the company’s stock.

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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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