Alvotech (NASDAQ:ALVO) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Alvotech (NASDAQ:ALVO) have been given a consensus recommendation of “Moderate Buy” by the eight analysts that are covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating on the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $8.50.

Several equities research analysts have issued reports on the stock. UBS Group set a $8.00 price target on shares of Alvotech in a research note on Wednesday, September 16th. Barclays upgraded shares of Alvotech from an “underweight” rating to an “overweight” rating and increased their price objective for the stock from $4.00 to $8.00 in a research note on Wednesday, September 16th. Weiss Ratings cut Alvotech from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, September 17th. Evercore initiated coverage on Alvotech in a research report on Friday, August 14th. They issued an “outperform” rating on the stock. Finally, Bank of America began coverage on Alvotech in a report on Monday, August 24th. They set a “buy” rating and a $7.00 target price on the stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Citadel Advisors LLC bought a new stake in shares of Alvotech in the 2nd quarter valued at about $6,376,000. Renaissance Technologies LLC lifted its position in shares of Alvotech by 146.9% in the first quarter. Renaissance Technologies LLC now owns 63,200 shares of the company’s stock valued at $217,000 after buying an additional 37,600 shares during the last quarter. Finally, ProShare Advisors LLC boosted its stake in shares of Alvotech by 24.0% during the 4th quarter. ProShare Advisors LLC now owns 13,826 shares of the company’s stock worth $71,000 after acquiring an additional 2,675 shares during the period.

Alvotech Price Performance

ALVO opened at $5.84 on Friday. The company has a market capitalization of $1.76 billion, a price-to-earnings ratio of -9.57 and a beta of 0.22. The business’s 50-day moving average price is $4.38 and its two-hundred day moving average price is $3.85. Alvotech has a 1 year low of $2.94 and a 1 year high of $9.25.

Alvotech (NASDAQ:ALVO) last posted its quarterly earnings data on Thursday, August 20th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.06). Alvotech had a negative return on equity of 11.92% and a negative net margin of 36.31%.The firm had revenue of $106.00 million for the quarter, compared to the consensus estimate of $103.00 million. Sell-side analysts anticipate that Alvotech will post 0.01 earnings per share for the current fiscal year.

Alvotech Company Profile

Alvotech is a biopharmaceutical company headquartered in Reykjavik, Iceland, focused on developing and manufacturing biosimilar medicines. Its products are intended to provide alternatives to biologic therapies used to treat conditions including autoimmune diseases, cancer and eye disorders.

The company has established a pipeline spanning several therapeutic areas, with candidates targeting medicines such as ustekinumab, denosumab, secukinumab and aflibercept. Alvotech operates an integrated platform covering cell-line development, process development, analytical testing and commercial-scale manufacturing.

Founded in 2013, Alvotech serves international markets through commercial and strategic partnerships.