Alvotech (NASDAQ:ALVO) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Alvotech (NASDAQ:ALVO) from a sell rating to a hold rating in a research report report published on Saturday,Wall Street Zen reports.

A number of other equities research analysts have also commented on the company. Weiss Ratings upgraded Alvotech from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, October 6th. Zacks Research downgraded Alvotech from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 20th. Barclays raised Alvotech from an “underweight” rating to an “overweight” rating and boosted their price objective for the stock from $4.00 to $8.00 in a research note on Wednesday, September 16th. UBS Group set a $8.00 target price on Alvotech in a report on Wednesday, September 16th. Finally, Bank of America assumed coverage on Alvotech in a research note 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 assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $8.50.

Alvotech Trading Up 0.9%

ALVO opened at $4.62 on Friday. Alvotech has a fifty-two week low of $2.94 and a fifty-two week high of $8.50. The firm’s fifty day moving average price is $5.24 and its two-hundred day moving average price is $4.22.

Alvotech (NASDAQ:ALVO) last released its quarterly earnings data on Thursday, August 20th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate 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. On average, sell-side analysts anticipate that Alvotech will post -0.01 EPS for the current fiscal year.

Institutional Investors Weigh In On Alvotech

Hedge funds have recently bought and sold shares of the company. Citadel Advisors LLC acquired a new stake in shares of Alvotech during the second quarter worth about $6,376,000. Ulland Investment Advisors LLC grew its position in shares of Alvotech by 5.0% in the 3rd quarter. Ulland Investment Advisors LLC now owns 115,000 shares of the company’s stock valued at $667,000 after purchasing an additional 5,500 shares during the period. Finally, Renaissance Technologies LLC grew its position in shares of Alvotech by 146.9% in the 1st quarter. Renaissance Technologies LLC now owns 63,200 shares of the company’s stock valued at $217,000 after purchasing an additional 37,600 shares during the period.

Alvotech Company Profile

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.