Barclays Cuts Alvotech (NASDAQ:ALVO) Price Target to $4.00

Alvotech (NASDAQ:ALVO) had its price target trimmed by Barclays from $5.00 to $4.00 in a report released on Tuesday,Benzinga reports. The firm currently has an underweight rating on the stock.

Several other research analysts have also issued reports on the stock. Morgan Stanley set a $10.00 target price on shares of Alvotech in a research report on Wednesday, December 3rd. Weiss Ratings restated a “sell (e+)” rating on shares of Alvotech in a research report on Wednesday, January 21st. Finally, Zacks Research upgraded Alvotech from a “strong sell” rating to a “hold” rating in a report on Thursday, March 19th. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $7.60.

Alvotech Price Performance

Shares of ALVO opened at $3.24 on Tuesday. Alvotech has a 1-year low of $3.03 and a 1-year high of $11.85. The company has a market capitalization of $976.80 million, a P/E ratio of 32.40 and a beta of 0.16. The firm’s 50 day simple moving average is $4.39 and its 200 day simple moving average is $5.74.

Alvotech (NASDAQ:ALVO) last released its quarterly earnings results on Wednesday, March 18th. The company reported ($0.37) EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.50). The company had revenue of $173.20 million during the quarter, compared to analysts’ expectations of $162.20 million. Alvotech had a negative return on equity of 12.84% and a net margin of 4.74%. On average, equities analysts anticipate that Alvotech will post -0.07 earnings per share for the current year.

Hedge Funds Weigh In On Alvotech

Several institutional investors and hedge funds have recently made changes to their positions in ALVO. State of Wyoming bought a new stake in Alvotech in the third quarter worth $54,000. Magnetar Financial LLC bought a new position in shares of Alvotech during the third quarter valued at about $86,000. ProShare Advisors LLC bought a new position in shares of Alvotech during the third quarter valued at about $91,000. Ulland Investment Advisors LLC purchased a new position in shares of Alvotech in the third quarter worth about $92,000. Finally, Orion Porfolio Solutions LLC purchased a new position in shares of Alvotech in the third quarter worth about $92,000.

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).