Innoviva Inc Up 7.25% To $13.32 After Earnings Beat

Innoviva Inc (INVA) said after close Wednesday that it earned $0.98 per share in quarter three 2023.

On the revenue line, the company reported $67.3 million, missing estimates by $8.4 million.

In the same quarter a year ago, the company earned $2.8 per share on revenue of $67.3 million.

The stock is up 7.25% to $13.32 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

Wall Street Analysts had an average rating of Strong Buy on the stock prior to the report.

InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 54. Meanwhile, the average Wall Street analyst rated the stock a Strong Buy.

Innoviva Inc develops biopharmaceutical drugs in the antibiotic, respiratory, and digestive realms. Theravance's respiratory compounds are in late-stage trials for asthma and chronic obstructive pulmonary disease. Its product offering includes Relvar/Breo/Ellipta, Anoro, Ellipta, Trelegy, Ellipta and others. The firm collaborates with and receives funding from GlaxoSmithKline.