Alvotech (NASDAQ:ALVO) Shares Gap Up – What’s Next?

Alvotech (NASDAQ:ALVO) shares gapped up prior to trading on Tuesday. The stock had previously closed at $5.03, but opened at $5.40. Alvotech shares last traded at $5.2360, with a volume of 438,353 shares trading hands.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. UBS Group set a $8.00 price objective on shares of Alvotech in a research note on Wednesday, September 16th. Bank of America assumed coverage on Alvotech in a research report on Monday, August 24th. They issued a “buy” rating and a $7.00 target price on the stock. Weiss Ratings upgraded Alvotech from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, October 6th. Evercore began coverage on Alvotech in a report on Friday, August 14th. They issued an “outperform” rating on the stock. Finally, Barclays raised Alvotech from an “underweight” rating to an “overweight” rating and boosted their price target for the company from $4.00 to $8.00 in a research report on Wednesday, September 16th. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $8.50.

Alvotech Stock Up 3.4%

The company’s fifty day moving average is $5.19 and its 200 day moving average is $4.13. The stock has a market cap of $1.57 billion, a PE ratio of -8.50 and a beta of 0.20.

Alvotech (NASDAQ:ALVO) last released 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 business had revenue of $106.00 million for the quarter, compared to the consensus estimate of $103.00 million. Equities analysts expect that Alvotech will post 0.01 EPS for the current year.

Hedge Funds Weigh In On Alvotech

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Renaissance Technologies LLC increased its holdings in Alvotech by 146.9% in the 1st quarter. Renaissance Technologies LLC now owns 63,200 shares of the company’s stock valued at $217,000 after purchasing an additional 37,600 shares in the last quarter. Ulland Investment Advisors LLC raised its position in Alvotech by 5.0% in the third quarter. Ulland Investment Advisors LLC now owns 115,000 shares of the company’s stock valued at $667,000 after purchasing an additional 5,500 shares during the period. Finally, Citadel Advisors LLC purchased a new position in Alvotech in the second quarter valued at about $6,376,000.

Alvotech Company Profile

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.