FY2024 EPS Estimates for Innoviva, Inc. Lowered by Cantor Fitzgerald (NASDAQ:INVA)

Innoviva, Inc. (NASDAQ:INVA) – Equities researchers at Cantor Fitzgerald dropped their FY2024 earnings per share estimates for Innoviva in a research note issued on Thursday, August 1st. Cantor Fitzgerald analyst L. Chen now forecasts that the biotechnology company will post earnings per share of $0.50 for the year, down from their previous estimate of $1.09. Cantor Fitzgerald currently has a “Overweight” rating on the stock. The consensus estimate for Innoviva’s current full-year earnings is $0.50 per share.

Innoviva (NASDAQ:INVA) last posted its quarterly earnings results on Wednesday, May 8th. The biotechnology company reported $0.46 EPS for the quarter. Innoviva had a return on equity of 33.26% and a net margin of 44.00%. The firm had revenue of $77.50 million during the quarter.

Separately, StockNews.com cut Innoviva from a “strong-buy” rating to a “buy” rating in a report on Tuesday.

Innoviva Price Performance

NASDAQ:INVA opened at $18.37 on Monday. Innoviva has a one year low of $12.22 and a one year high of $19.44. The company has a debt-to-equity ratio of 0.67, a quick ratio of 9.17 and a current ratio of 12.70. The stock has a market cap of $1.15 billion, a PE ratio of 8.27 and a beta of 0.57. The stock has a 50 day moving average price of $16.82 and a 200 day moving average price of $15.90.

Institutional Investors Weigh In On Innoviva

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. EdgeRock Capital LLC acquired a new stake in Innoviva during the second quarter worth $31,000. Bessemer Group Inc. increased its stake in Innoviva by 333.5% during the first quarter. Bessemer Group Inc. now owns 2,211 shares of the biotechnology company’s stock worth $33,000 after acquiring an additional 1,701 shares during the last quarter. Innealta Capital LLC purchased a new position in shares of Innoviva during the second quarter worth $33,000. GAMMA Investing LLC boosted its position in shares of Innoviva by 124.0% during the first quarter. GAMMA Investing LLC now owns 2,262 shares of the biotechnology company’s stock worth $34,000 after buying an additional 1,252 shares during the period. Finally, China Universal Asset Management Co. Ltd. boosted its position in shares of Innoviva by 342.7% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 7,410 shares of the biotechnology company’s stock worth $119,000 after buying an additional 5,736 shares during the period. Institutional investors and hedge funds own 99.12% of the company’s stock.

About Innoviva

Innoviva, Inc engages in the development and commercialization of pharmaceutical products in the United States and internationally. The company's products include RELVAR/BREO ELLIPTA, a once-daily combination medicine consisting of a LABA, vilanterol (VI), an inhaled corticosteroid (ICS), and fluticasone furoate; ANORO ELLIPTA, a once-daily medicine combining a long-acting muscarinic antagonist (LAMA) and umeclidinium bromide (UMEC) with a LABA, VI; GIAPREZA (angiotensin II), a vasoconstrictor to increase blood pressure in adults with septic or other distributive shock; XERAVA (eravacycline) for the treatment of complicated intra-abdominal infections in adults; and XACDURO, a beta lactamase inhibitor for the treatment of hospital-acquired bacterial pneumonia and ventilator-associated bacterial pneumonia.