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

Shares of Alvotech (NASDAQ:ALVO) have been assigned an average rating of “Moderate Buy” from the eight research firms that are currently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company. The average 1-year target price among analysts that have covered the stock in the last year is $8.50.

A number of analysts recently commented on the stock. Barclays upgraded shares of Alvotech from an “underweight” rating to an “overweight” rating and upped their price target for the company from $4.00 to $8.00 in a research note on Wednesday, September 16th. Weiss Ratings downgraded Alvotech from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, September 17th. Bank of America began coverage on Alvotech in a report on Monday, August 24th. They set a “buy” rating and a $7.00 target price for the company. UBS Group set a $8.00 price target on Alvotech in a research report on Wednesday, September 16th. Finally, Evercore began coverage on shares of Alvotech in a research report on Friday, August 14th. They set an “outperform” rating on the stock.

Hedge Funds Weigh In On Alvotech

A number of institutional investors and hedge funds have recently made changes to their positions in the business. ProShare Advisors LLC increased its stake in Alvotech by 24.0% during the 4th quarter. ProShare Advisors LLC now owns 13,826 shares of the company’s stock valued at $71,000 after purchasing an additional 2,675 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of Alvotech by 146.9% during the 1st quarter. Renaissance Technologies LLC now owns 63,200 shares of the company’s stock valued at $217,000 after buying an additional 37,600 shares in the last quarter. Finally, Citadel Advisors LLC purchased a new position in shares of Alvotech in the second quarter worth $6,376,000.

Alvotech Stock Performance

Shares of ALVO opened at $5.88 on Friday. The business has a 50-day moving average of $4.48 and a 200 day moving average of $3.88. Alvotech has a fifty-two week low of $2.94 and a fifty-two week high of $9.05. The firm has a market cap of $1.77 billion, a P/E ratio of -9.64 and a beta of 0.22.

Alvotech (NASDAQ:ALVO) last released 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 business had revenue of $106.00 million for the quarter, compared to analysts’ expectations of $103.00 million. Alvotech had a negative net margin of 36.31% and a negative return on equity of 11.92%. As a group, research analysts predict that Alvotech will post 0.01 earnings per share for the current fiscal year.

About Alvotech

Alvotech is a biopharmaceutical company headquartered in Reykjavik, Iceland, focused on developing and manufacturing biosimilar medicines. Its products are intended to provide alternatives to biologic therapies used to treat conditions including autoimmune diseases, cancer and eye disorders.

The company has established a pipeline spanning several therapeutic areas, with candidates targeting medicines such as ustekinumab, denosumab, secukinumab and aflibercept. Alvotech operates an integrated platform covering cell-line development, process development, analytical testing and commercial-scale manufacturing.

Founded in 2013, Alvotech serves international markets through commercial and strategic partnerships.