Alvotech (NASDAQ:ALVO) Receives $8.60 Consensus Price Target from Brokerages

Alvotech (NASDAQ:ALVO) has been given an average recommendation of “Reduce” by the six research firms that are currently covering the firm, Marketbeat.com reports. Three analysts have rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $8.60.

Several equities research analysts have recently issued reports on the stock. Zacks Research downgraded shares of Alvotech from a “hold” rating to a “strong sell” rating in a research note on Wednesday, February 18th. Weiss Ratings restated a “sell (e+)” rating on shares of Alvotech in a research report on Wednesday, January 21st. UBS Group cut their price objective on shares of Alvotech from $13.00 to $10.00 and set a “buy” rating for the company in a research report on Tuesday, November 18th. Barclays began coverage on Alvotech in a research note on Monday, December 8th. They set an “underweight” rating and a $5.00 price target on the stock. Finally, Wall Street Zen downgraded Alvotech from a “hold” rating to a “sell” rating in a research report on Saturday, November 22nd.

Institutional Investors Weigh In On Alvotech

A number of institutional investors have recently bought and sold shares of the business. Millennium Management LLC increased its holdings in Alvotech by 1,707.7% in the 4th quarter. Millennium Management LLC now owns 357,176 shares of the company’s stock valued at $1,832,000 after buying an additional 337,417 shares during the period. Gilder Gagnon Howe & Co. LLC acquired a new stake in shares of Alvotech during the 2nd quarter valued at about $1,782,000. Norges Bank acquired a new position in Alvotech in the second quarter worth about $1,656,000. Goldman Sachs Group Inc. lifted its stake in Alvotech by 88.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 259,536 shares of the company’s stock worth $1,331,000 after purchasing an additional 122,089 shares during the period. Finally, Vanguard Group Inc. lifted its stake in Alvotech by 2.7% during the third quarter. Vanguard Group Inc. now owns 4,348,151 shares of the company’s stock worth $35,481,000 after purchasing an additional 114,255 shares during the period.

Alvotech Stock Up 2.4%

Shares of NASDAQ:ALVO opened at $3.89 on Monday. The business has a 50 day moving average price of $4.81 and a 200 day moving average price of $6.24. The company has a market cap of $1.17 billion, a price-to-earnings ratio of 16.91 and a beta of 0.16. Alvotech has a twelve month low of $3.65 and a twelve month high of $11.85.

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).