Alvotech (NASDAQ:ALVO) Downgraded by Zacks Research to Strong Sell

Zacks Research cut shares of Alvotech (NASDAQ:ALVO) from a hold rating to a strong sell rating in a report issued on Tuesday,Zacks reports.

Several other research firms also recently issued reports on ALVO. Evercore started coverage on Alvotech in a research note on Friday, August 14th. They issued an “outperform” rating for the company. Barclays upgraded Alvotech from an “underweight” rating to an “overweight” rating and increased their price objective for the stock from $4.00 to $8.00 in a research report on Wednesday, September 16th. Weiss Ratings raised Alvotech from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, October 6th. UBS Group set a $8.00 target price on Alvotech in a report on Wednesday, September 16th. Finally, Bank of America began coverage on shares of Alvotech in a research report on Monday, August 24th. They issued a “buy” rating and a $7.00 target price for the company. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $8.50.

Alvotech Stock Up 0.2%

Alvotech stock opened at $5.13 on Tuesday. The stock has a market cap of $1.55 billion, a P/E ratio of -8.41 and a beta of 0.20. Alvotech has a twelve month low of $2.94 and a twelve month high of $8.50. The company’s 50-day moving average price is $5.24 and its two-hundred day moving average price is $4.15.

Alvotech (NASDAQ:ALVO) last issued its quarterly earnings data on Thursday, August 20th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.06). The firm had revenue of $106.00 million during the quarter, compared to the consensus estimate of $103.00 million. Equities analysts anticipate that Alvotech will post -0.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Alvotech

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Citadel Advisors LLC bought a new stake in shares of Alvotech in the second quarter valued at approximately $6,376,000. Ulland Investment Advisors LLC increased its stake in Alvotech by 5.0% during the 3rd quarter. Ulland Investment Advisors LLC now owns 115,000 shares of the company’s stock worth $667,000 after acquiring an additional 5,500 shares during the period. Finally, Renaissance Technologies LLC increased its stake in Alvotech by 146.9% during the 1st quarter. Renaissance Technologies LLC now owns 63,200 shares of the company’s stock worth $217,000 after acquiring an additional 37,600 shares during the period.

Key Headlines Impacting Alvotech

Here are the key news stories impacting Alvotech this week:

• Positive Sentiment: The FDA approved Alvotech’s Process 2.0 for SIMLANDI manufacturing at its Reykjavik facility. The process more than doubles drug-substance output per batch while maintaining product quality, safety and efficacy. Alvotech receives FDA approval for new SIMLANDI manufacturing process
• Positive Sentiment: The higher-yield process allows Alvotech to produce the same amount of drug substance in fewer batches, freeing manufacturing capacity for other biosimilars and improving its ability to meet partner demand. The approval follows a separate recent FDA authorization for additional manufacturing capacity. Alvotech shares rise after FDA approves Simlandi manufacturing process
• Neutral Sentiment: The manufacturing approval strengthens Alvotech’s operational position and supply reliability, but the company’s broader financial benefit will depend on commercial demand, pricing, execution and the performance of its biosimilar portfolio. Alvotech wins FDA approval for manufacturing upgrade
• Negative Sentiment: Zacks added ALVO to its Rank #5, or “Strong Sell,” list. The ranking may weigh on sentiment by signaling unfavorable expectations relative to Zacks’ quantitative criteria, offsetting some of the optimism from the FDA announcement. New Strong Sell stocks for October 21st

About Alvotech

Alvotech is a biotechnology company headquartered in Reykjavík, Iceland, focused on developing and manufacturing biosimilar medicines. Biosimilars are biologic products designed to be highly similar to already approved reference medicines and are intended to expand patient access to complex treatments at potentially lower costs.

The company uses an integrated research, development and manufacturing model and concentrates on therapeutic areas including immunology, ophthalmology, oncology and bone health.