Alvotech (NASDAQ:ALVO) Stock Has Average Target Price of $8.50 According to Analysts

Shares of Alvotech (NASDAQ:ALVO) have been assigned a consensus recommendation of “Hold” from the seven research firms that are currently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $8.50.

ALVO has been the subject of several research reports. Weiss Ratings raised Alvotech from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, October 6th. Bank of America started coverage on shares of Alvotech in a research report on Monday, August 24th. They set a “buy” rating and a $7.00 price target on the stock. Barclays raised shares of Alvotech from an “underweight” rating to an “overweight” rating and increased their price target for the stock from $4.00 to $8.00 in a research report on Wednesday, September 16th. Evercore assumed coverage on shares of Alvotech in a research note on Friday, August 14th. They issued an “outperform” rating for the company. Finally, UBS Group set a $8.00 price objective on shares of Alvotech in a research note on Wednesday, September 16th.

Alvotech Stock Up 2.7%

ALVO opened at $5.31 on Tuesday. Alvotech has a 52 week low of $2.94 and a 52 week high of $9.00. The business has a fifty day simple moving average of $5.14 and a 200-day simple moving average of $4.11. The firm has a market cap of $1.60 billion, a P/E ratio of -8.70 and a beta of 0.20.

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 the consensus estimate of ($0.05) by ($0.06). The company had revenue of $106.00 million during the quarter, compared to analysts’ expectations of $103.00 million. Sell-side analysts expect that Alvotech will post 0.01 earnings per share for the current year.

Institutional Investors Weigh In On Alvotech

Hedge funds have recently added to or reduced their stakes in the business. Citadel Advisors LLC purchased a new position in Alvotech in the 2nd quarter valued at approximately $6,376,000. Ulland Investment Advisors LLC increased its position in shares of Alvotech by 5.0% during the third quarter. Ulland Investment Advisors LLC now owns 115,000 shares of the company’s stock worth $667,000 after acquiring an additional 5,500 shares during the period. Finally, Renaissance Technologies LLC increased its position in shares of Alvotech by 146.9% during the first quarter. Renaissance Technologies LLC now owns 63,200 shares of the company’s stock worth $217,000 after acquiring an additional 37,600 shares during the period.

About Alvotech

Alvotech is a biotechnology company focused on developing and manufacturing biosimilar medicines. Biosimilars are biologic products designed to be highly similar to already approved reference medicines and are intended to expand access to treatments while supporting greater affordability.

The company’s pipeline includes biosimilar candidates for conditions in immunology, ophthalmology, oncology and other therapeutic areas. Its development activities cover complex biologic medicines, including treatments used for autoimmune and inflammatory diseases.