Alvotech (NASDAQ:ALVO) Rating Lowered to Strong Sell at Zacks Research

Alvotech (NASDAQ:ALVO) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Wednesday,Zacks.com reports.

Several other brokerages have also recently issued reports on ALVO. UBS Group cut their target price on Alvotech from $13.00 to $10.00 and set a “buy” rating on the stock in a research report on Tuesday, November 18th. Barclays initiated coverage on shares of Alvotech in a research report on Monday, December 8th. They issued an “underweight” rating and a $5.00 price objective for the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Alvotech in a research report on Wednesday, January 21st. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $8.00 target price (down from $14.00) on shares of Alvotech in a report on Tuesday, November 4th. Finally, Wall Street Zen lowered Alvotech from a “hold” rating to a “sell” rating in a report on Saturday, November 22nd. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, Alvotech presently has an average rating of “Reduce” and a consensus price target of $8.60.

Alvotech Stock Performance

Shares of NASDAQ ALVO opened at $4.32 on Wednesday. The stock has a market cap of $1.30 billion, a price-to-earnings ratio of 18.78 and a beta of 0.12. Alvotech has a fifty-two week low of $4.07 and a fifty-two week high of $12.38. The firm’s 50-day simple moving average is $5.00 and its 200 day simple moving average is $6.53.

Hedge Funds Weigh In On Alvotech

A number of large investors have recently modified their holdings of ALVO. Goldman Sachs Group Inc. boosted its position in Alvotech by 40.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 36,444 shares of the company’s stock valued at $352,000 after buying an additional 10,573 shares during the period. Wolverine Asset Management LLC increased its stake in shares of Alvotech by 158.8% in the 2nd quarter. Wolverine Asset Management LLC now owns 24,028 shares of the company’s stock worth $219,000 after acquiring an additional 14,742 shares in the last quarter. 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 purchasing an additional 1,574 shares during the last quarter. Legal & General Group Plc boosted its stake in Alvotech by 17.0% in the 2nd quarter. Legal & General Group Plc now owns 657,742 shares of the company’s stock worth $6,028,000 after purchasing an additional 95,331 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Alvotech in the second quarter worth approximately $1,656,000.

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).