UBS Group Issues Pessimistic Forecast for Alvotech (NASDAQ:ALVO) Stock Price

Alvotech (NASDAQ:ALVO) had its price target lowered by research analysts at UBS Group from $10.00 to $6.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. UBS Group’s price target suggests a potential upside of 95.12% from the stock’s previous close.

A number of other analysts have also recently commented on the company. Zacks Research upgraded Alvotech from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 19th. Barclays cut their target price on shares of Alvotech from $5.00 to $4.00 and set an “underweight” rating on the stock in a research note on Tuesday. Weiss Ratings reiterated a “sell (e+)” rating on shares of Alvotech in a research report on Wednesday, January 21st. Finally, Morgan Stanley set a $10.00 price target on Alvotech in a research note on Wednesday, December 3rd. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $7.60.

Alvotech Stock Down 7.7%

Alvotech stock traded down $0.26 during midday trading on Tuesday, reaching $3.08. 281,842 shares of the stock traded hands, compared to its average volume of 529,112. The stock has a market cap of $927.05 million, a P/E ratio of 30.75 and a beta of 0.16. The stock’s fifty day moving average is $4.50 and its 200-day moving average is $5.81. Alvotech has a 12 month low of $3.03 and a 12 month high of $11.85.

Alvotech (NASDAQ:ALVO) last posted its earnings results on Wednesday, March 18th. The company reported ($0.37) EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.50). Alvotech had a net margin of 4.74% and a negative return on equity of 12.84%. The business had revenue of $173.20 million for the quarter, compared to analyst estimates of $162.20 million. On average, equities analysts predict that Alvotech will post -0.07 EPS for the current fiscal year.

Hedge Funds Weigh In On Alvotech

Several institutional investors have recently modified their holdings of the stock. State of Wyoming bought a new stake in Alvotech in the 3rd quarter valued at $54,000. ProShare Advisors LLC boosted its position in shares of Alvotech by 24.0% during the fourth quarter. ProShare Advisors LLC now owns 13,826 shares of the company’s stock worth $71,000 after buying an additional 2,675 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Alvotech by 25.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,211 shares of the company’s stock worth $78,000 after buying an additional 3,110 shares during the period. Magnetar Financial LLC bought a new position in shares of Alvotech during the third quarter worth about $86,000. Finally, Ulland Investment Advisors LLC acquired a new stake in Alvotech in the 3rd quarter valued at approximately $92,000.

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).