Alvotech (NASDAQ:ALVO) Releases Earnings Results, Beats Expectations By $0.01 EPS

Alvotech (NASDAQ:ALVO) announced its quarterly earnings data on Wednesday. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.01, Zacks reports. The company had revenue of $111.60 million during the quarter, compared to analyst estimates of $125.20 million.

Alvotech Price Performance

Alvotech stock opened at $4.42 on Friday. The business has a 50 day simple moving average of $5.26 and a 200-day simple moving average of $4.21. Alvotech has a 12 month low of $2.94 and a 12 month high of $6.53. The stock has a market capitalization of $1.34 billion, a PE ratio of -5.40 and a beta of 0.24.

Analysts Set New Price Targets

ALVO has been the topic of several recent research reports. Jefferies Financial Group assumed coverage on Alvotech in a report on Tuesday. They set a “buy” rating and a $9.00 price target on the stock. Bank of America started coverage on Alvotech in a research report on Monday, August 24th. They set a “buy” rating and a $7.00 price objective for the company. Wall Street Zen lowered shares of Alvotech from a “hold” rating to a “sell” rating in a research note on Saturday, November 7th. Weiss Ratings upgraded shares of Alvotech from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, November 4th. Finally, Barclays raised shares of Alvotech from an “underweight” rating to an “overweight” rating and raised their target price for the company from $4.00 to $8.00 in a report on Wednesday, September 16th. Five research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $8.40.

Alvotech Company Profile

Alvotech is a biopharmaceutical company based in Reykjavik, Iceland, focused on developing and manufacturing biosimilars—medicines designed to be highly similar to existing biologic drugs. Its work includes biosimilars for conditions in areas such as immunology and oncology. Founded in 2013 by entrepreneur Robert Wessman, the company operates an integrated development and manufacturing platform in Iceland. Alvotech works with commercial partners to seek regulatory approval for and distribute its products in markets including the United States and Europe.