Alvotech (NASDAQ:ALVO) Stock Price Up 5.4% – Still a Buy?

Alvotech (NASDAQ:ALVO)’s stock price shot up 5.4% during mid-day trading on Monday . The company traded as high as $5.15 and last traded at $5.2160. Approximately 208,681 shares traded hands during trading, a decline of 69% from the average session volume of 676,360 shares. The stock had previously closed at $4.95.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Bank of America started coverage on shares of Alvotech in a research report on Monday, August 24th. They set a “buy” rating and a $7.00 price target on the stock. Weiss Ratings downgraded shares of Alvotech from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, June 9th. Evercore initiated coverage on shares of Alvotech in a report on Friday, August 14th. They set an “outperform” rating on the stock. Finally, Wall Street Zen cut shares of Alvotech from a “hold” rating to a “sell” rating in a research report on Saturday, May 23rd. Four analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $7.50.

Alvotech Stock Performance

The firm has a fifty day moving average of $3.77 and a 200 day moving average of $3.73. The firm has a market capitalization of $1.56 billion, a PE ratio of -8.49 and a beta of 0.18.

Alvotech (NASDAQ:ALVO) last released its quarterly earnings results on Thursday, August 20th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.06). Alvotech had a negative return on equity of 11.92% and a negative net margin of 36.31%.The company had revenue of $106.00 million during the quarter, compared to analysts’ expectations of $103.00 million. Research analysts forecast that Alvotech will post 0.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Alvotech

Large investors have recently added to or reduced their stakes in the company. Millennium Management LLC increased its position in shares of Alvotech by 1,707.7% during the fourth quarter. Millennium Management LLC now owns 357,176 shares of the company’s stock worth $1,832,000 after acquiring an additional 337,417 shares during the last quarter. Gilder Gagnon Howe & Co. LLC purchased a new position in Alvotech in the second quarter valued at about $1,782,000. Goldman Sachs Group Inc. boosted its holdings 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 during the last quarter. Vanguard Group Inc. grew its stake in Alvotech by 2.7% during the 3rd 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. Finally, Jane Street Group LLC acquired a new stake in Alvotech during the 4th quarter valued at approximately $474,000.

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).