Innoviva is trading at $20.08, down 5.55%, after quarterly revenue missed consensus and the company reported a loss instead of an expected profit.
- Third-quarter revenue was $106.1 million versus $115.4 million consensus; the $1.03-per-share loss compared with an estimated $0.53-per-share profit. Results were reported November 4.
- A $139.5 million non-cash investment fair-value decline, primarily related to Armata Pharmaceuticals, drove the quarterly net loss.
- The decline also came amid a broader sell-off, with biotech down 5.19% during the session.