Alvotech (NASDAQ:ALVO) Receives Average Recommendation of “Hold” from Analysts

Shares of Alvotech (NASDAQ:ALVO) have been assigned an average recommendation of “Hold” from the six brokerages that are currently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating on the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $7.60.

A number of analysts recently commented on the stock. Zacks Research upgraded shares of Alvotech from a “strong sell” rating to a “hold” rating in a report on Thursday, March 19th. UBS Group decreased their price target on shares of Alvotech from $10.00 to $6.00 and set a “buy” rating on the stock in a research report on Tuesday, March 24th. Wall Street Zen cut Alvotech from a “hold” rating to a “sell” rating in a report on Saturday, May 23rd. Weiss Ratings downgraded Alvotech from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, June 9th. Finally, Barclays reduced their price objective on Alvotech from $5.00 to $4.00 and set an “underweight” rating for the company in a research note on Tuesday, March 24th.

Hedge Funds Weigh In On Alvotech

Institutional investors have recently bought and sold shares of the stock. Goldman Sachs Group Inc. raised its holdings in Alvotech by 40.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 36,444 shares of the company’s stock worth $352,000 after buying an additional 10,573 shares during the period. Geode Capital Management LLC increased its position in shares of Alvotech by 0.7% in the second quarter. Geode Capital Management LLC now owns 230,291 shares of the company’s stock worth $2,100,000 after acquiring an additional 1,574 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Alvotech by 37.3% during the second quarter. Invesco Ltd. now owns 32,398 shares of the company’s stock valued at $295,000 after acquiring an additional 8,794 shares during the period. Bank of America Corp DE lifted its position in shares of Alvotech by 218.0% in the 2nd quarter. Bank of America Corp DE now owns 16,623 shares of the company’s stock valued at $152,000 after acquiring an additional 11,395 shares in the last quarter. Finally, Gilder Gagnon Howe & Co. LLC purchased a new stake in shares of Alvotech in the 2nd quarter valued at approximately $1,782,000.

Alvotech Stock Performance

Shares of ALVO stock opened at $3.86 on Wednesday. Alvotech has a 1 year low of $2.94 and a 1 year high of $9.94. The stock has a market cap of $1.16 billion, a PE ratio of -15.58 and a beta of 0.21. The business’s fifty day moving average is $3.55 and its 200-day moving average is $4.22.

Alvotech (NASDAQ:ALVO) last released its earnings results on Tuesday, March 31st. The company reported ($0.09) earnings per share (EPS) for the quarter. Alvotech had a negative return on equity of 11.92% and a negative net margin of 14.36%.The firm had revenue of $105.90 million for the quarter. Equities research analysts predict that Alvotech will post 0.02 earnings per share for the current year.

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).