Brokerages Anticipate Innoviva, Inc. (INVA) Will Announce Quarterly Sales of $57.42 Million
Analysts predict that Innoviva, Inc. (NASDAQ:INVA) will announce $57.42 million in sales for the current quarter, according to Zacks. Two analysts have issued estimates for Innoviva’s earnings. The highest sales estimate is $60.68 million and the lowest is $54.15 million. Innoviva posted sales of $33.31 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 72.4%. The business is scheduled to announce its next quarterly earnings report on Thursday, October 26th.
According to Zacks, analysts expect that Innoviva will report full year sales of $57.42 million for the current financial year, with estimates ranging from $210.92 million to $227.86 million. For the next fiscal year, analysts anticipate that the company will report sales of $278.60 million per share, with estimates ranging from $226.51 million to $341.62 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that follow Innoviva.
Innoviva (NASDAQ:INVA) last issued its quarterly earnings data on Wednesday, July 26th. The biotechnology company reported $0.30 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.02. The company had revenue of $58.60 million for the quarter, compared to analyst estimates of $50.53 million. Innoviva had a net margin of 52.56% and a negative return on equity of 27.37%. The company’s revenue was up 80.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.13 earnings per share.
Several brokerages have recently weighed in on INVA. Cowen and Company set a $16.00 price target on Innoviva and gave the company a “buy” rating in a research report on Monday, May 1st. ValuEngine cut shares of Innoviva from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Zacks Investment Research lowered Innoviva from a “hold” rating to a “sell” rating in a research note on Monday, July 3rd. Robert W. Baird reaffirmed a “neutral” rating and issued a $13.00 target price (up previously from $11.00) on shares of Innoviva in a research note on Thursday, July 27th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and issued a $15.00 target price on shares of Innoviva in a research note on Friday, July 28th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Innoviva presently has an average rating of “Hold” and a consensus price target of $15.00.
Innoviva (NASDAQ INVA) opened at 12.28 on Friday. The company’s 50-day moving average is $12.89 and its 200-day moving average is $12.49. Innoviva has a 52-week low of $8.67 and a 52-week high of $14.55. The company has a market capitalization of $1.34 billion, a price-to-earnings ratio of 15.45 and a beta of 2.56.
In related news, VP Theodore J. Jr. Witek sold 7,815 shares of the stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $12.01, for a total transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 1.60% of the stock is owned by company insiders.
Several large investors have recently added to or reduced their stakes in INVA. Ameritas Investment Partners Inc. boosted its position in shares of Innoviva by 868.0% in the first quarter. Ameritas Investment Partners Inc. now owns 7,328 shares of the biotechnology company’s stock valued at $101,000 after buying an additional 6,571 shares during the last quarter. Victory Capital Management Inc. bought a new position in Innoviva during the first quarter worth $117,000. ARP Americas LLC bought a new position in Innoviva during the first quarter worth $173,000. Cubist Systematic Strategies LLC boosted its position in 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 buying an additional 3,569 shares during the last quarter. Finally, LS Investment Advisors LLC boosted its position in Innoviva by 372.8% in the first quarter. LS Investment Advisors LLC now owns 13,900 shares of the biotechnology company’s stock worth $192,000 after buying an additional 10,960 shares during the last quarter. 75.89% of the stock is currently owned by institutional investors.
Innoviva Company Profile
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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