Alvotech (NASDAQ:ALVO) Releases Earnings Results, Misses Estimates By $0.17 EPS

Alvotech (NASDAQ:ALVO) announced its earnings results on Wednesday. The company reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.17), FiscalAI reports. Alvotech had a negative return on equity of 11.92% and a negative net margin of 14.36%.The firm had revenue of $105.77 million during the quarter, compared to analyst estimates of $103.00 million.

Alvotech Price Performance

Shares of ALVO traded up $0.04 on Wednesday, reaching $3.99. 534,259 shares of the stock traded hands, compared to its average volume of 637,739. The stock’s 50-day moving average price is $3.66 and its 200-day moving average price is $3.76. The firm has a market cap of $1.20 billion, a price-to-earnings ratio of -15.96 and a beta of 0.18. Alvotech has a 12 month low of $2.94 and a 12 month high of $9.25.

Institutional Investors Weigh In On Alvotech

A number of institutional investors have recently bought and sold shares of ALVO. Geode Capital Management LLC lifted its holdings in shares of Alvotech by 0.7% during the second quarter. Geode Capital Management LLC now owns 230,291 shares of the company’s stock valued at $2,100,000 after acquiring an additional 1,574 shares during the period. JPMorgan Chase & Co. lifted its holdings in Alvotech by 30.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 24,455 shares of the company’s stock valued at $200,000 after purchasing an additional 5,697 shares during the last quarter. Amundi lifted its holdings in Alvotech by 71.0% during the 3rd quarter. Amundi now owns 19,416 shares of the company’s stock valued at $167,000 after purchasing an additional 8,059 shares during the last quarter. Invesco Ltd. boosted its position in Alvotech by 37.3% in the second quarter. Invesco Ltd. now owns 32,398 shares of the company’s stock valued at $295,000 after buying an additional 8,794 shares in the last quarter. Finally, Magnetar Financial LLC acquired a new position in Alvotech in the third quarter valued at about $86,000.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Evercore initiated coverage on Alvotech in a research report on Friday, August 14th. They set an “outperform” rating on the stock. Wall Street Zen lowered Alvotech from a “hold” rating to a “sell” rating in a report on Saturday, May 23rd. Finally, Weiss Ratings downgraded shares of Alvotech from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, June 9th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $7.60.

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).