Alvotech (NASDAQ:ALVO) Given New $18.00 Price Target at Barclays

Alvotech (NASDAQ:ALVO) had its price objective trimmed by Barclays from $22.00 to $18.00 in a report released on Thursday, Benzinga reports. The brokerage currently has an overweight rating on the stock.

Alvotech Stock Down 2.7 %

ALVO opened at $11.29 on Thursday. Alvotech has a twelve month low of $8.29 and a twelve month high of $18.00. The company has a 50-day simple moving average of $13.04 and a 200 day simple moving average of $13.77.

Alvotech (NASDAQ:ALVO) last posted its quarterly earnings data on Wednesday, May 22nd. The company reported ($0.89) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.81). The company had revenue of $36.89 million for the quarter. During the same quarter in the previous year, the business earned ($1.24) earnings per share. Sell-side analysts anticipate that Alvotech will post -0.66 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Oaktree Fund Advisors LLC lifted its holdings in shares of Alvotech by 11.2% in the fourth quarter. Oaktree Fund Advisors LLC now owns 523,915 shares of the company’s stock worth $6,015,000 after acquiring an additional 52,662 shares during the last quarter. Littlejohn & Co. LLC lifted its holdings in shares of Alvotech by 7.6% in the first quarter. Littlejohn & Co. LLC now owns 1,218,534 shares of the company’s stock worth $14,890,000 after acquiring an additional 86,143 shares during the last quarter. Vanguard Group Inc. bought a new position in shares of Alvotech in the third quarter worth about $26,278,000. Finally, Oaktree Capital Management LP lifted its holdings in shares of Alvotech by 8.1% in the fourth quarter. Oaktree Capital Management LP now owns 5,450,896 shares of the company’s stock worth $62,576,000 after acquiring an additional 407,391 shares during the last quarter.

About Alvotech

Alvotech, through its subsidiaries, develops and manufactures biosimilar medicines for patients worldwide. It offers biosimilar products in the therapeutic areas of autoimmune, eye, and bone disorders, as well as cancer. The company's lead program is AVT02, a high concentration formulation biosimilar to Humira to treat various inflammatory conditions, including rheumatoid arthritis, psoriatic arthritis, Crohn's disease, ulcerative colitis, plaque psoriasis, and other indications; AVT04, a biosimilar to Stelara to treat various inflammatory conditions comprising psoriatic arthritis, Crohn's disease, ulcerative colitis, plaque psoriasis, and other indications; AVT06, a biosimilar to Eylea to treat various conditions, such as age-related macular degeneration, macular edema, and diabetic retinopathy; and AVT03, a biosimilar to Xgeva and Prolia, which is in the pre-clinical phase to treat prevent bone fracture, spinal cord compression, and the need for radiation or bone surgery in patients with certain types of cancer, as well as prevent bone loss and increase bone mass.