Zacks Research Downgrades Alvotech (NASDAQ:ALVO) to Strong Sell

Alvotech (NASDAQ:ALVO) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Wednesday,Zacks.com reports.

A number of other research firms have also recently issued reports on ALVO. Barclays started coverage on shares of Alvotech in a research note on Monday, December 8th. They issued an “underweight” rating and a $5.00 target price for the company. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $8.00 price objective (down previously from $14.00) on shares of Alvotech in a research note on Tuesday, November 4th. Morgan Stanley set a $10.00 target price on shares of Alvotech in a research report on Wednesday, December 3rd. UBS Group reduced their price target on Alvotech from $13.00 to $10.00 and set a “buy” rating for the company in a research report on Tuesday, November 18th. Finally, Northland Securities set a $10.00 price target on Alvotech in a research note on Tuesday, November 4th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Reduce” and an average target price of $8.60.

Alvotech Trading Down 1.9%

NASDAQ ALVO traded down $0.08 on Wednesday, reaching $4.24. The stock had a trading volume of 187,392 shares, compared to its average volume of 421,741. Alvotech has a 1 year low of $4.07 and a 1 year high of $12.38. The business has a 50 day moving average price of $5.00 and a 200 day moving average price of $6.53. The company has a market capitalization of $1.28 billion, a price-to-earnings ratio of 18.43 and a beta of 0.12.

Institutional Trading of Alvotech

Hedge funds have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. lifted its holdings in shares of Alvotech by 40.9% during the first quarter. Goldman Sachs Group Inc. now owns 36,444 shares of the company’s stock worth $352,000 after buying an additional 10,573 shares during the last quarter. Wolverine Asset Management LLC raised its position in Alvotech by 158.8% in the second quarter. Wolverine Asset Management LLC now owns 24,028 shares of the company’s stock worth $219,000 after purchasing an additional 14,742 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Alvotech by 0.7% in the 2nd quarter. Geode Capital Management LLC now owns 230,291 shares of the company’s stock worth $2,100,000 after buying an additional 1,574 shares in the last quarter. Legal & General Group Plc lifted its position in shares of Alvotech by 17.0% during the 2nd quarter. Legal & General Group Plc now owns 657,742 shares of the company’s stock worth $6,028,000 after buying an additional 95,331 shares during the period. Finally, Norges Bank bought a new stake in Alvotech in the second quarter valued at $1,656,000.

About Alvotech

Alvotech (NASDAQ:ALVO) is a global biopharmaceutical company specializing in the development, manufacturing and commercialization of biosimilar medicines. The company focuses on creating high‐quality, cost‐effective alternatives to established biologic therapies in areas such as immunology, oncology and other specialty care fields. By leveraging in‐house research and a vertically integrated manufacturing platform, Alvotech aims to bring approved biosimilars to market more rapidly and with greater cost efficiency than many traditional biosimilar developers.

Since its founding in 2013, Alvotech has built a diversified pipeline of monoclonal antibody biosimilars, targeting blockbuster reference products including adalimumab (originally branded Humira), bevacizumab (Avastin) and ustekinumab (Stelara).