Alvotech (NASDAQ:ALVO) Trading Down 5.5% – What’s Next?

Shares of Alvotech (NASDAQ:ALVO) were down 5.5% during mid-day trading on Tuesday . The stock traded as low as $4.68 and last traded at $4.63. Approximately 204,920 shares traded hands during trading, a decline of 48% from the average daily volume of 394,967 shares. The stock had previously closed at $4.90.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ALVO. Weiss Ratings reiterated a “sell (e+)” rating on shares of Alvotech in a research note on Wednesday, October 8th. Morgan Stanley set a $10.00 price objective on shares of Alvotech in a research note on Wednesday, December 3rd. UBS Group decreased their price objective on shares of Alvotech from $13.00 to $10.00 and set a “buy” rating for the company in a report on Tuesday, November 18th. Northland Securities set a $10.00 target price on shares of Alvotech in a research note on Tuesday, November 4th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $8.00 price target (down from $14.00) on shares of Alvotech in a research note on Tuesday, November 4th. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Alvotech currently has an average rating of “Hold” and a consensus target price of $8.60.

Alvotech Price Performance

The company has a market capitalization of $1.43 billion, a P/E ratio of 20.57 and a beta of 0.11. The company has a fifty day moving average price of $5.20 and a 200 day moving average price of $7.37.

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

Institutional Trading of Alvotech

Several hedge funds have recently bought and sold shares of ALVO. Gilder Gagnon Howe & Co. LLC bought a new stake in Alvotech during the 2nd quarter valued at $1,782,000. Norges Bank acquired a new position in shares of Alvotech during the second quarter valued at $1,656,000. Vanguard Group Inc. increased its holdings in shares of Alvotech by 2.7% during 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 during the period. Legal & General Group Plc raised its stake in shares of Alvotech by 17.0% during the second quarter. Legal & General Group Plc now owns 657,742 shares of the company’s stock valued at $6,028,000 after purchasing an additional 95,331 shares in the last quarter. Finally, Ulland Investment Advisors LLC lifted its holdings in Alvotech by 544.4% in the fourth quarter. Ulland Investment Advisors LLC now owns 72,500 shares of the company’s stock worth $372,000 after purchasing an additional 61,250 shares during the period.

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).