Alvotech (NASDAQ:ALVO) Receives Average Rating of “Hold” from Brokerages

Alvotech (NASDAQ:ALVO) has been assigned an average rating of “Hold” from the six research firms that are covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation, two have given a hold recommendation and two have assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $7.60.

Several equities analysts have weighed in on ALVO shares. UBS Group decreased their target price on shares of Alvotech from $10.00 to $6.00 and set a “buy” rating on the stock in a report on Tuesday, March 24th. Wall Street Zen upgraded shares of Alvotech from a “sell” rating to a “hold” rating in a report on Saturday, April 18th. Weiss Ratings upgraded shares of Alvotech from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, May 11th. Barclays decreased their price objective on shares of Alvotech from $5.00 to $4.00 and set an “underweight” rating on the stock in a report on Tuesday, March 24th. Finally, Zacks Research upgraded shares of Alvotech from a “strong sell” rating to a “hold” rating in a report on Thursday, March 19th.

Hedge Funds Weigh In On Alvotech

Several large investors have recently made changes to their positions in ALVO. Goldman Sachs Group Inc. lifted its holdings in shares of Alvotech by 40.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 36,444 shares of the company’s stock worth $352,000 after acquiring an additional 10,573 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Alvotech by 0.7% in the 2nd 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 during the last quarter. Invesco Ltd. lifted its holdings in shares of Alvotech by 37.3% in the 2nd quarter. Invesco Ltd. now owns 32,398 shares of the company’s stock worth $295,000 after acquiring an additional 8,794 shares during the last quarter. Bank of America Corp DE lifted its holdings 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 worth $152,000 after acquiring an additional 11,395 shares during the last quarter. Finally, Gilder Gagnon Howe & Co. LLC acquired a new position in shares of Alvotech in the 2nd quarter worth approximately $1,782,000.

Alvotech Price Performance

NASDAQ:ALVO opened at $3.30 on Friday. The firm has a market capitalization of $995.97 million, a price-to-earnings ratio of -13.20 and a beta of 0.21. The company’s 50-day moving average is $3.49 and its two-hundred day moving average is $4.45. Alvotech has a 1-year low of $3.03 and a 1-year high of $11.85.

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

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).