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

Shares of Alvotech (NASDAQ:ALVO) have been assigned a consensus recommendation of “Hold” from the eight analysts that are presently covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and four have given a buy recommendation to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $7.50.

A number of analysts have recently commented on the stock. Bank of America began coverage on shares of Alvotech in a research report on Monday, August 24th. They issued a “buy” rating and a $7.00 price objective on the stock. Weiss Ratings downgraded Alvotech from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, June 9th. Evercore began coverage on shares of Alvotech in a report on Friday, August 14th. They issued an “outperform” rating on the stock. Finally, Wall Street Zen cut Alvotech from a “hold” rating to a “sell” rating in a report on Saturday, May 23rd.

Alvotech Price Performance

Shares of ALVO stock opened at $4.95 on Monday. Alvotech has a 12-month low of $2.94 and a 12-month high of $9.25. The firm has a fifty day moving average of $3.77 and a 200-day moving average of $3.73. The company has a market capitalization of $1.49 billion, a price-to-earnings ratio of -8.11 and a beta of 0.18.

Alvotech (NASDAQ:ALVO) last posted its quarterly earnings data on Thursday, August 20th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.06). The company had revenue of $106.00 million during the quarter, compared to the consensus estimate of $103.00 million. Alvotech had a negative net margin of 36.31% and a negative return on equity of 11.92%. On average, equities analysts expect that Alvotech will post 0.01 EPS for the current year.

Hedge Funds Weigh In On Alvotech

Hedge funds have recently bought and sold shares of the business. Magnetar Financial LLC bought a new position in shares of Alvotech during the third quarter worth approximately $86,000. Orion Porfolio Solutions LLC acquired a new position in Alvotech in the third quarter valued at about $92,000. ProShare Advisors LLC grew its stake in Alvotech by 24.0% during the fourth quarter. ProShare Advisors LLC now owns 13,826 shares of the company’s stock worth $71,000 after buying an additional 2,675 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Alvotech by 25.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,211 shares of the company’s stock worth $78,000 after acquiring an additional 3,110 shares during the period. Finally, Bank of America Corp DE raised its position in Alvotech by 218.0% during the second quarter. Bank of America Corp DE now owns 16,623 shares of the company’s stock valued at $152,000 after purchasing an additional 11,395 shares in the last quarter.

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).