Bank of America Initiates Coverage on Alvotech (NASDAQ:ALVO)

Research analysts at Bank of America began coverage on shares of Alvotech (NASDAQ:ALVO) in a note issued to investors on Monday,Benzinga reports. The brokerage set a “buy” rating and a $7.00 price target on the stock. Bank of America‘s price objective indicates a potential upside of 58.01% from the company’s current price.

ALVO has been the subject of a number of other reports. Wall Street Zen downgraded shares of Alvotech from a “hold” rating to a “sell” rating in a report on Saturday, May 23rd. Evercore started coverage on shares of Alvotech in a research report on Friday, August 14th. They set an “outperform” rating for the company. Finally, Weiss Ratings lowered Alvotech from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, June 9th. Four analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $7.50.

Alvotech Price Performance

ALVO opened at $4.43 on Monday. The stock’s 50 day moving average price is $3.66 and its two-hundred day moving average price is $3.73. The firm has a market capitalization of $1.34 billion, a P/E ratio of -7.26 and a beta of 0.18. Alvotech has a 12-month low of $2.94 and a 12-month high of $9.25.

Alvotech (NASDAQ:ALVO) last issued its quarterly earnings results on Thursday, August 20th. The company reported ($0.11) 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 business had revenue of $105.77 million for the quarter, compared to analyst estimates of $103.00 million. As a group, analysts anticipate that Alvotech will post 0.05 earnings per share for the current year.

Institutional Trading of Alvotech

Several institutional investors have recently bought and sold shares of ALVO. Magnetar Financial LLC bought a new stake in Alvotech in the third quarter valued at $86,000. Orion Porfolio Solutions LLC acquired a new stake in shares of Alvotech during the third quarter worth approximately $92,000. ProShare Advisors LLC boosted its holdings in shares of Alvotech by 24.0% in 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 in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Alvotech by 25.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,211 shares of the company’s stock valued at $78,000 after purchasing an additional 3,110 shares in the last quarter. Finally, Bank of America Corp DE grew its holdings in shares of Alvotech by 218.0% during the second quarter. Bank of America Corp DE now owns 16,623 shares of the company’s stock worth $152,000 after purchasing an additional 11,395 shares during the last quarter.

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).