Alvotech (NASDAQ:ALVO) Reaches New 1-Year Low on Analyst Downgrade

Alvotech (NASDAQ:ALVO) reached a new 52-week low during mid-day trading on Thursday after Zacks Research downgraded the stock from a hold rating to a strong sell rating. The stock traded as low as $4.21 and last traded at $4.2050, with a volume of 158582 shares traded. The stock had previously closed at $4.37.

Other equities research analysts also recently issued research reports about the company. Morgan Stanley set a $10.00 target price on Alvotech in a report on Wednesday, December 3rd. UBS Group lowered their price target on Alvotech from $13.00 to $10.00 and set a “buy” rating for the company in a report on Tuesday, November 18th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Alvotech in a research note on Wednesday, January 21st. Wall Street Zen cut Alvotech from a “hold” rating to a “sell” rating in a research report on Saturday, November 22nd. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $8.00 target price (down previously from $14.00) on shares of Alvotech in a research note on Tuesday, November 4th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $8.60.

Institutional Investors Weigh In On Alvotech

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank bought a new position in Alvotech in the second quarter valued at about $1,656,000. Wolverine Asset Management LLC grew its holdings in shares of Alvotech by 158.8% during the second quarter. Wolverine Asset Management LLC now owns 24,028 shares of the company’s stock worth $219,000 after purchasing an additional 14,742 shares during the last quarter. Tempus Wealth Planning LLC increased its stake in shares of Alvotech by 59.4% in the fourth quarter. Tempus Wealth Planning LLC now owns 53,880 shares of the company’s stock valued at $276,000 after buying an additional 20,074 shares during the period. JPMorgan Chase & Co. raised its holdings in Alvotech by 30.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 24,455 shares of the company’s stock valued at $200,000 after buying an additional 5,697 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in 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 buying an additional 3,110 shares during the period.

Alvotech Trading Down 4.2%

The firm has a market capitalization of $1.25 billion, a price-to-earnings ratio of 18.00 and a beta of 0.12. The firm’s 50-day moving average is $4.97 and its 200 day moving average is $6.50.

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).