Goldman Sachs Group Inc. Buys 10,573 Shares of Alvotech $ALVO

Goldman Sachs Group Inc. raised its position in shares of Alvotech (NASDAQ:ALVO) by 40.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 36,444 shares of the company’s stock after purchasing an additional 10,573 shares during the period. Goldman Sachs Group Inc.’s holdings in Alvotech were worth $352,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in Alvotech by 31.1% during the 1st quarter. Vanguard Group Inc. now owns 4,192,461 shares of the company’s stock valued at $40,306,000 after buying an additional 995,538 shares during the last quarter. Bank of America Corp DE raised its holdings in Alvotech by 19.7% in the 4th quarter. Bank of America Corp DE now owns 16,240 shares of the company’s stock valued at $215,000 after acquiring an additional 2,677 shares during the last quarter. Invesco Ltd. boosted its position in shares of Alvotech by 110.6% during the 1st quarter. Invesco Ltd. now owns 23,604 shares of the company’s stock worth $228,000 after purchasing an additional 12,394 shares during the period. ProShare Advisors LLC purchased a new stake in shares of Alvotech during the 4th quarter worth $167,000. Finally, BNP Paribas Financial Markets purchased a new stake in shares of Alvotech in the fourth quarter valued at about $66,000.

Alvotech Stock Up 2.7%

Shares of NASDAQ:ALVO opened at $8.34 on Friday. The stock has a market cap of $2.51 billion, a P/E ratio of 36.26 and a beta of 0.10. The business’s 50 day moving average is $8.46 and its 200 day moving average is $9.14. Alvotech has a 52-week low of $7.35 and a 52-week high of $13.70.

Alvotech (NASDAQ:ALVO) last released its quarterly earnings results on Wednesday, August 13th. The company reported $0.14 EPS for the quarter, beating the consensus estimate of ($0.26) by $0.40. The firm had revenue of $116.02 million for the quarter, compared to analyst estimates of $120.51 million. Alvotech had a net margin of 11.26% and a negative return on equity of 38.36%. On average, sell-side analysts anticipate that Alvotech will post -0.07 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on ALVO shares. Deutsche Bank Aktiengesellschaft upgraded shares of Alvotech from a “hold” rating to a “buy” rating and set a $14.00 price objective on the stock in a research note on Tuesday, September 23rd. UBS Group cut their target price on shares of Alvotech from $16.00 to $14.00 and set a “buy” rating on the stock in a research report on Friday, July 18th. Finally, Zacks Research downgraded Alvotech from a “strong-buy” rating to a “hold” rating in a report on Monday, August 18th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $14.00.

Alvotech Company Profile

Alvotech, through its subsidiaries, develops and manufactures biosimilar medicines for patients worldwide. It offers biosimilar products in the therapeutic areas of autoimmune, eye, and bone disorders, as well as cancer. The company's lead program is AVT02, a high concentration formulation biosimilar to Humira to treat various inflammatory conditions, including rheumatoid arthritis, psoriatic arthritis, Crohn's disease, ulcerative colitis, plaque psoriasis, and other indications; AVT04, a biosimilar to Stelara to treat various inflammatory conditions comprising psoriatic arthritis, Crohn's disease, ulcerative colitis, plaque psoriasis, and other indications; AVT06, a biosimilar to Eylea to treat various conditions, such as age-related macular degeneration, macular edema, and diabetic retinopathy; and AVT03, a biosimilar to Xgeva and Prolia, which is in the pre-clinical phase to treat prevent bone fracture, spinal cord compression, and the need for radiation or bone surgery in patients with certain types of cancer, as well as prevent bone loss and increase bone mass.