Alvotech (NASDAQ:ALVO) Trading Up 9.2% – What’s Next?

Shares of Alvotech (NASDAQ:ALVO) traded up 9.2% during mid-day trading on Monday . The stock traded as high as $3.55 and last traded at $3.5610. 97,798 shares traded hands during trading, a decline of 80% from the average session volume of 489,514 shares. The stock had previously closed at $3.26.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Barclays lowered their price objective on shares of Alvotech from $5.00 to $4.00 and set an “underweight” rating for the company in a research report on Tuesday, March 24th. Weiss Ratings reissued a “sell (e+)” rating on shares of Alvotech in a research report on Monday, April 20th. Wall Street Zen raised shares of Alvotech from a “sell” rating to a “hold” rating in a research report on Saturday, April 18th. Zacks Research raised shares of Alvotech from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 19th. Finally, UBS Group lowered their price objective on shares of Alvotech from $10.00 to $6.00 and set a “buy” rating for the company in a research report on Tuesday, March 24th. Two research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $7.60.

Alvotech Price Performance

The firm has a market cap of $1.08 billion, a P/E ratio of -14.35 and a beta of 0.21. The business’s 50-day moving average is $3.60 and its two-hundred day moving average is $4.76.

Alvotech (NASDAQ:ALVO) last released its earnings results on Tuesday, March 31st. The company reported ($0.09) earnings per share for the quarter. The business had revenue of $105.90 million during the quarter. Alvotech had a negative net margin of 14.36% and a negative return on equity of 11.92%. Equities research analysts predict that Alvotech will post 0.01 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Alvotech by 2.7% in the third quarter. Vanguard Group Inc. now owns 4,348,151 shares of the company’s stock valued at $35,481,000 after purchasing an additional 114,255 shares in the last quarter. Millennium Management LLC grew its position in Alvotech by 1,707.7% in the fourth quarter. Millennium Management LLC now owns 357,176 shares of the company’s stock valued at $1,832,000 after purchasing an additional 337,417 shares in the last quarter. Goldman Sachs Group Inc. grew its position in Alvotech by 88.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 259,536 shares of the company’s stock valued at $1,331,000 after purchasing an additional 122,089 shares in the last quarter. Geode Capital Management LLC grew its position in Alvotech by 10.7% in the fourth quarter. Geode Capital Management LLC now owns 254,921 shares of the company’s stock valued at $1,308,000 after purchasing an additional 24,667 shares in the last quarter. Finally, Gilder Gagnon Howe & Co. LLC bought a new position in Alvotech in the second quarter valued at $1,782,000.

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).