Alvotech (NASDAQ:ALVO) Hits New 1-Year Low – What’s Next?

Alvotech (NASDAQ:ALVO) shares hit a new 52-week low during mid-day trading on Monday . The company traded as low as $3.79 and last traded at $3.83, with a volume of 140920 shares. The stock had previously closed at $3.99.

Analysts Set New Price Targets

ALVO has been the topic of a number of research analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Alvotech in a research note on Wednesday, January 21st. Morgan Stanley set a $10.00 price objective on Alvotech in a report on Wednesday, December 3rd. UBS Group decreased their target price on Alvotech from $13.00 to $10.00 and set a “buy” rating for the company in a report on Tuesday, November 18th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $8.00 price target (down from $14.00) on shares of Alvotech in a report on Tuesday, November 4th. Finally, Wall Street Zen lowered shares of Alvotech from a “hold” rating to a “sell” rating in a research report on Saturday, November 22nd. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average target price of $8.60.

Alvotech Stock Down 3.6%

The company has a market capitalization of $1.16 billion, a P/E ratio of 16.72 and a beta of 0.16. The business has a 50 day simple moving average of $4.88 and a 200-day simple moving average of $6.31.

Institutional Investors Weigh In On Alvotech

Institutional investors and hedge funds have recently modified their holdings of the stock. Goldman Sachs Group Inc. boosted its position in shares of Alvotech by 40.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 36,444 shares of the company’s stock valued at $352,000 after purchasing an additional 10,573 shares during the period. Wolverine Asset Management LLC increased its holdings in shares of Alvotech by 158.8% in the 2nd quarter. Wolverine Asset Management LLC now owns 24,028 shares of the company’s stock valued at $219,000 after purchasing an additional 14,742 shares during the period. Geode Capital Management LLC grew its position in Alvotech by 0.7% during the second quarter. Geode Capital Management LLC now owns 230,291 shares of the company’s stock valued at $2,100,000 after purchasing an additional 1,574 shares in the last quarter. Legal & General Group Plc lifted its position in Alvotech by 17.0% in 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 in the last quarter. Finally, Norges Bank purchased a new stake in shares of Alvotech during the second quarter worth $1,656,000.

Alvotech Company Profile

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).