Alvotech (NASDAQ:ALVO) Shares Down 3.3% – Here’s Why

Alvotech (NASDAQ:ALVO) dropped 3.3% on Thursday . The company traded as low as $4.75 and last traded at $4.8350. Approximately 168,596 shares were traded during mid-day trading, a decline of 49% from the average daily volume of 327,779 shares. The stock had previously closed at $5.00.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Northland Securities set a $10.00 price objective on shares of Alvotech in a research note on Tuesday, November 4th. Barclays assumed coverage on shares of Alvotech in a report on Monday, December 8th. They set an “underweight” rating and a $5.00 price target on the stock. Zacks Research lowered shares of Alvotech from a “hold” rating to a “strong sell” rating in a research note on Thursday, November 20th. Wall Street Zen downgraded Alvotech from a “hold” rating to a “sell” rating in a report on Saturday, November 22nd. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Alvotech in a research report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $8.60.

Alvotech Stock Performance

The firm has a market capitalization of $1.42 billion, a PE ratio of 20.43 and a beta of 0.13. The business’s 50 day moving average is $6.28 and its two-hundred day moving average is $7.93.

Alvotech (NASDAQ:ALVO) last released its quarterly earnings results on Wednesday, November 12th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.07). The firm had revenue of $113.95 million for the quarter, compared to analysts’ expectations of $116.80 million. Alvotech had a net margin of 12.12% and a negative return on equity of 26.10%. As a group, equities research analysts predict that Alvotech will post -0.07 EPS for the current year.

Institutional Trading of Alvotech

Several large investors have recently added to or reduced their stakes in the stock. State of Wyoming bought a new position in shares of Alvotech during the third quarter valued at $54,000. Magnetar Financial LLC bought a new stake in shares of Alvotech during the 3rd quarter valued at $86,000. ProShare Advisors LLC purchased a new stake in Alvotech in the third quarter worth about $91,000. Ulland Investment Advisors LLC purchased a new stake in Alvotech in the 3rd quarter worth approximately $92,000. Finally, Orion Porfolio Solutions LLC bought a new stake in shares of Alvotech during the 3rd quarter valued at $92,000.

About Alvotech

Alvotech, through its subsidiaries, develops and manufactures biosimilar medicines for patients worldwide. It offers biosimilar products in the therapeutic areas of autoimmune, eye, and bone disorders, as well as cancer. The company's lead program is AVT02, a high concentration formulation biosimilar to Humira to treat various inflammatory conditions, including rheumatoid arthritis, psoriatic arthritis, Crohn's disease, ulcerative colitis, plaque psoriasis, and other indications; AVT04, a biosimilar to Stelara to treat various inflammatory conditions comprising psoriatic arthritis, Crohn's disease, ulcerative colitis, plaque psoriasis, and other indications; AVT06, a biosimilar to Eylea to treat various conditions, such as age-related macular degeneration, macular edema, and diabetic retinopathy; and AVT03, a biosimilar to Xgeva and Prolia, which is in the pre-clinical phase to treat prevent bone fracture, spinal cord compression, and the need for radiation or bone surgery in patients with certain types of cancer, as well as prevent bone loss and increase bone mass.