Alvotech (NASDAQ:ALVO) Receives $7.60 Consensus Target Price from Analysts

Shares of Alvotech (NASDAQ:ALVO) have been given an average rating of “Hold” by the eight research firms that are covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation, two have given a hold recommendation and four have given a buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $7.50.

Several research firms have issued reports on ALVO. Weiss Ratings downgraded Alvotech from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, June 9th. Evercore started coverage on Alvotech in a research note on Friday, August 14th. They issued an “outperform” rating on the stock. Bank of America initiated coverage on shares of Alvotech in a research note on Monday. They set a “buy” rating and a $7.00 price target for the company. Finally, Wall Street Zen downgraded shares of Alvotech from a “hold” rating to a “sell” rating in a report on Saturday, May 23rd.

Hedge Funds Weigh In On Alvotech

Large investors have recently modified their holdings of the business. Millennium Management LLC raised its holdings in Alvotech by 1,707.7% during the fourth quarter. Millennium Management LLC now owns 357,176 shares of the company’s stock worth $1,832,000 after acquiring an additional 337,417 shares in the last quarter. Gilder Gagnon Howe & Co. LLC acquired a new position in Alvotech during the second quarter valued at approximately $1,782,000. Goldman Sachs Group Inc. grew its stake in Alvotech by 88.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 259,536 shares of the company’s stock valued at $1,331,000 after purchasing an additional 122,089 shares in the last quarter. Vanguard Group Inc. grew its stake in Alvotech by 2.7% in the third quarter. Vanguard Group Inc. now owns 4,348,151 shares of the company’s stock valued at $35,481,000 after purchasing an additional 114,255 shares in the last quarter. Finally, Jane Street Group LLC acquired a new position in shares of Alvotech during the 4th quarter worth approximately $474,000.

Alvotech Stock Performance

Shares of ALVO stock opened at $4.91 on Monday. Alvotech has a 52 week low of $2.94 and a 52 week high of $9.25. The company’s 50 day moving average price is $3.73 and its two-hundred day moving average price is $3.73. The company has a market capitalization of $1.48 billion, a P/E ratio of -8.05 and a beta of 0.18.

Alvotech (NASDAQ:ALVO) last released its quarterly earnings results on Thursday, August 20th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.06). Alvotech had a negative net margin of 36.31% and a negative return on equity of 11.92%. The company had revenue of $105.77 million during the quarter, compared to analyst estimates of $103.00 million. Analysts forecast that Alvotech will post 0.01 earnings per share for the current year.

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).