Alvotech (NASDAQ:ALVO) Shares Gap Up – What’s Next?

Alvotech (NASDAQ:ALVO) shares gapped up prior to trading on Friday . The stock had previously closed at $5.06, but opened at $5.45. Alvotech shares last traded at $5.54, with a volume of 230,935 shares trading hands.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on ALVO shares. Zacks Research lowered shares of Alvotech from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 21st. Northland Securities set a $10.00 target price on shares of Alvotech in a research note on Tuesday. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Alvotech in a report on Wednesday, October 8th. Morgan Stanley set a $14.00 price target on Alvotech and gave the company an “overweight” rating in a research report on Tuesday, October 14th. Finally, UBS Group cut their price objective on Alvotech from $16.00 to $14.00 and set a “buy” rating for the company in a report on Friday, July 18th. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Alvotech has an average rating of “Hold” and an average target price of $11.50.

Alvotech Stock Up 7.6%

The stock’s 50-day moving average price is $7.96 and its 200-day moving average price is $8.77. The company has a market capitalization of $1.64 billion, a price-to-earnings ratio of 23.61 and a beta of 0.10.

Alvotech (NASDAQ:ALVO) last posted its quarterly earnings data on Wednesday, August 13th. The company reported $0.14 earnings per share for the quarter, topping the consensus estimate of ($0.26) by $0.40. The firm had revenue of $116.02 million during the quarter, compared to analysts’ expectations of $120.51 million. Alvotech had a net margin of 11.26% and a negative return on equity of 38.36%. On average, equities research analysts anticipate that Alvotech will post -0.07 EPS for the current year.

Hedge Funds Weigh In On Alvotech

A number of hedge funds and other institutional investors have recently bought and sold shares of ALVO. State of Wyoming acquired a new stake in shares of Alvotech during the third quarter worth $54,000. Wolverine Asset Management LLC increased its stake in shares of Alvotech by 24.7% in the 1st quarter. Wolverine Asset Management LLC now owns 9,286 shares of the company’s stock valued at $90,000 after acquiring an additional 1,838 shares during the last quarter. ProShare Advisors LLC acquired a new stake in shares of Alvotech in the 3rd quarter valued at approximately $91,000. Bank of America Corp DE boosted its stake in Alvotech by 218.0% during the 2nd quarter. Bank of America Corp DE now owns 16,623 shares of the company’s stock worth $152,000 after acquiring an additional 11,395 shares during the last quarter. Finally, GWN Securities Inc. bought a new stake in Alvotech in the third quarter valued at approximately $160,000.

About Alvotech

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.