Innoviva, Inc. (INVA) Expected to Post Quarterly Sales of $63.27 Million

Wall Street brokerages expect Innoviva, Inc. (NASDAQ:INVA) to report $63.27 million in sales for the current quarter, Zacks reports. Two analysts have provided estimates for Innoviva’s earnings. The highest sales estimate is $65.62 million and the lowest is $60.91 million. Innoviva reported sales of $43.61 million in the same quarter last year, which would suggest a positive year over year growth rate of 45.1%. The business is scheduled to announce its next earnings report on Thursday, February 8th.

On average, analysts expect that Innoviva will report full-year sales of $63.27 million for the current year, with estimates ranging from $208.61 million to $231.78 million. For the next fiscal year, analysts anticipate that the firm will post sales of $289.85 million per share, with estimates ranging from $230.43 million to $336.77 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that follow Innoviva.

Innoviva (NASDAQ:INVA) last posted its quarterly earnings data on Wednesday, October 25th. The biotechnology company reported $0.21 EPS 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 firm had revenue of $48.64 million during the quarter, compared to analysts’ expectations of $57.18 million. During the same quarter in the previous year, the company posted $0.13 EPS. Innoviva’s revenue for the quarter was up 46.0% on a year-over-year basis.

A number of equities research analysts have issued reports on INVA shares. ValuEngine raised shares of Innoviva from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. Zacks Investment Research cut shares of Innoviva from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 16th. Cowen and Company set a $16.00 target price on shares of Innoviva and gave the company a “buy” rating in a report on Friday, July 28th. Robert W. Baird reissued a “neutral” rating and set a $13.00 target price (up previously from $11.00) on shares of Innoviva in a report on Thursday, July 27th. Finally, Stifel Nicolaus reissued a “hold” rating and set a $15.00 target price on shares of Innoviva in a report on Friday, July 28th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. Innoviva currently has a consensus rating of “Hold” and a consensus target price of $13.50.

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Shares of Innoviva (NASDAQ INVA) traded up $0.01 during mid-day trading on Thursday, reaching $13.42. 1,065,700 shares of the company’s stock were exchanged, compared to its average volume of 1,052,360. The company has a debt-to-equity ratio of -2.59, a current ratio of 6.71 and a quick ratio of 6.71. Innoviva has a 1-year low of $10.07 and a 1-year high of $14.87. The company has a market cap of $1,448.48, a PE ratio of 15.41 and a beta of 2.51.

In other news, CFO Eric Desparbes sold 15,285 shares of the company’s stock in a transaction on Tuesday, November 21st. The shares were 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 $4,475,718.56. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP George B. Abercrombie sold 5,215 shares of the company’s stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $13.26, for a total transaction of $69,150.90. Following the completion of the transaction, the vice president now directly owns 263,866 shares in the company, valued at approximately $3,498,863.16. The disclosure for this sale can be found here. Insiders own 1.60% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. Victory Capital Management Inc. increased its holdings in shares of Innoviva by 17.6% in the second quarter. Victory Capital Management Inc. now owns 9,967 shares of the biotechnology company’s stock worth $128,000 after purchasing an additional 1,494 shares during the period. Sei Investments Co. increased its holdings in shares of Innoviva by 33,810.3% in the third quarter. Sei Investments Co. now owns 9,834 shares of the biotechnology company’s stock worth $138,000 after purchasing an additional 9,805 shares during the period. Jane Street Group LLC bought a new position in shares of Innoviva in the third quarter worth $144,000. Macquarie Group Ltd. bought a new position in shares of Innoviva in the third quarter worth $144,000. Finally, Cubist Systematic Strategies LLC increased its holdings in shares of Innoviva by 37.8% in the second quarter. Cubist Systematic Strategies LLC now owns 13,005 shares of the biotechnology company’s stock worth $166,000 after purchasing an additional 3,569 shares during the period. 72.14% of the stock is currently owned by hedge funds and other institutional investors.

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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