Alvotech (NASDAQ:ALVO) Receives Average Recommendation of “Hold” from Analysts

Shares of Alvotech (NASDAQ:ALVO) have been assigned an average rating of “Hold” from the six research firms that are currently covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $7.60.

Several brokerages have commented on ALVO. UBS Group dropped their target price on shares of Alvotech from $10.00 to $6.00 and set a “buy” rating for the company in a research report on Tuesday. Barclays reduced their price target on Alvotech from $5.00 to $4.00 and set an “underweight” rating on the stock in a research report on Tuesday. Morgan Stanley set a $10.00 price objective on Alvotech in a research note on Wednesday, December 3rd. Weiss Ratings reissued a “sell (e+)” rating on shares of Alvotech in a research note on Wednesday, January 21st. Finally, Zacks Research upgraded Alvotech from a “strong sell” rating to a “hold” rating in a report on Thursday, March 19th.

Institutional Trading of Alvotech

A number of hedge funds have recently modified their holdings of ALVO. Geode Capital Management LLC boosted its stake in Alvotech by 0.7% during the 2nd quarter. Geode Capital Management LLC now owns 230,291 shares of the company’s stock worth $2,100,000 after acquiring an additional 1,574 shares during the last quarter. Tempus Wealth Planning LLC increased its stake in Alvotech by 6.8% in the third quarter. Tempus Wealth Planning LLC now owns 33,806 shares of the company’s stock valued at $277,000 after purchasing an additional 2,154 shares in the last quarter. ProShare Advisors LLC raised its holdings in Alvotech by 24.0% in the fourth quarter. ProShare Advisors LLC now owns 13,826 shares of the company’s stock worth $71,000 after purchasing 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 purchasing an additional 3,110 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its position in shares of Alvotech by 30.4% during the third quarter. JPMorgan Chase & Co. now owns 24,455 shares of the company’s stock worth $200,000 after purchasing an additional 5,697 shares in the last quarter.

Alvotech Price Performance

Shares of NASDAQ:ALVO opened at $3.24 on Friday. The stock has a market cap of $976.80 million, a price-to-earnings ratio of 32.40 and a beta of 0.16. The company has a 50 day moving average of $4.39 and a 200-day moving average of $5.74. Alvotech has a one year low of $3.03 and a one year high of $11.85.

Alvotech (NASDAQ:ALVO) last announced its quarterly earnings data on Wednesday, March 18th. The company reported ($0.37) earnings per share for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $162.20 million. Equities research analysts anticipate that Alvotech will post -0.07 earnings per share for the current year.

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).