Alvotech (NASDAQ:ALVO) Shares Gap Down – Time to Sell?

Alvotech (NASDAQ:ALVO)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $4.24, but opened at $3.85. Alvotech shares last traded at $3.9890, with a volume of 1,709,729 shares traded.

Analyst Ratings Changes

Several research firms have commented on ALVO. Wall Street Zen lowered shares of Alvotech from a “hold” rating to a “sell” rating in a research report on Saturday, May 23rd. UBS Group lowered their price objective on shares of Alvotech from $10.00 to $6.00 and set a “buy” rating for the company in a research report on Tuesday, March 24th. Barclays lowered their price objective on shares of Alvotech from $5.00 to $4.00 and set an “underweight” rating for the company in a research report on Tuesday, March 24th. Weiss Ratings lowered shares of Alvotech from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, June 9th. Finally, Zacks Research upgraded shares of Alvotech from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 19th. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $7.60.

Alvotech Trading Up 1.0%

The company has a market cap of $1.18 billion, a PE ratio of -15.64 and a beta of 0.21. The company’s 50 day moving average is $3.55 and its 200 day moving average is $4.21.

Alvotech (NASDAQ:ALVO) last posted its quarterly earnings results on Tuesday, March 31st. The company reported ($0.09) EPS for the quarter. The company had revenue of $105.90 million during the quarter. Alvotech had a negative return on equity of 11.92% and a negative net margin of 14.36%. Analysts expect that Alvotech will post 0.02 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ALVO. Goldman Sachs Group Inc. increased its stake in Alvotech by 40.9% in the 1st 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 period. Geode Capital Management LLC increased its stake in 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 during the period. Invesco Ltd. increased its position in Alvotech by 37.3% during the 2nd quarter. Invesco Ltd. now owns 32,398 shares of the company’s stock valued at $295,000 after purchasing an additional 8,794 shares during the period. Bank of America Corp DE increased its position in Alvotech by 218.0% during the 2nd quarter. Bank of America Corp DE now owns 16,623 shares of the company’s stock valued at $152,000 after purchasing an additional 11,395 shares during the period. Finally, Gilder Gagnon Howe & Co. LLC purchased a new position in Alvotech during the 2nd quarter valued at about $1,782,000.

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).