Brokerages expect that Innoviva, Inc. (NASDAQ:INVA) will announce $49.12 million in sales for the current quarter, Zacks reports. Two analysts have issued estimates for Innoviva’s earnings. The lowest sales estimate is $47.79 million and the highest is $50.44 million. Innoviva reported sales of $32.47 million during the same quarter last year, which would suggest a positive year over year growth rate of 51.3%. The company is scheduled to issue its next quarterly earnings report on Thursday, July 27th.
On average, analysts expect that Innoviva will report full year sales of $49.12 million for the current year, with estimates ranging from $191.93 million to $205.86 million. For the next year, analysts anticipate that the firm will report sales of $230.12 million per share, with estimates ranging from $173.80 million to $272.35 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that cover Innoviva.
Innoviva (NASDAQ:INVA) last posted its earnings results on Thursday, April 27th. The biotechnology company reported $0.15 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.27 by $0.12. Innoviva had a negative return on equity of 20.29% and a net margin of 48.00%. The business had revenue of $40.50 million for the quarter, compared to analysts’ expectations of $47.66 million. During the same quarter in the previous year, the firm earned $0.09 earnings per share. Innoviva’s quarterly revenue was up 67.4% compared to the same quarter last year.
A number of research firms have commented on INVA. Cowen and Company raised their price target on Innoviva from $15.00 to $16.00 and gave the company an “outperform” rating in a report on Thursday, March 30th. Zacks Investment Research cut Innoviva from a “hold” rating to a “sell” rating in a report on Monday, July 3rd. Finally, ValuEngine cut Innoviva from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $13.33.
Innoviva (NASDAQ INVA) traded down 0.39% during trading on Friday, reaching $12.92. The company had a trading volume of 481,721 shares. The firm has a market capitalization of $1.41 billion, a P/E ratio of 20.44 and a beta of 2.56. The firm’s 50-day moving average price is $12.27 and its 200 day moving average price is $12.01. Innoviva has a one year low of $8.67 and a one year high of $14.55.
In other news, VP Theodore J. Jr. Witek sold 7,815 shares of Innoviva stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $12.01, for a total value of $93,858.15. Following the sale, the vice president now directly owns 251,968 shares of the company’s stock, valued at $3,026,135.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.60% of the company’s stock.
Several large investors have recently modified their holdings of INVA. Comerica Bank purchased a new stake in shares of Innoviva during the fourth quarter valued at about $934,000. State Street Corp boosted its stake in shares of Innoviva by 14.9% in the fourth quarter. State Street Corp now owns 2,111,290 shares of the biotechnology company’s stock valued at $22,593,000 after buying an additional 274,320 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Innoviva by 101.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 106,722 shares of the biotechnology company’s stock valued at $1,142,000 after buying an additional 53,731 shares during the period. Brown Advisory Inc. purchased a new stake in shares of Innoviva during the fourth quarter valued at about $225,000. Finally, New York State Teachers Retirement System purchased a new stake in shares of Innoviva during the fourth quarter valued at about $350,000. 75.06% of the stock is currently owned by hedge funds and other institutional investors.
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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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