Alvotech (NASDAQ:ALVO) Reaches New 12-Month Low – What’s Next?

Alvotech (NASDAQ:ALVO) reached a new 52-week low on Tuesday . The company traded as low as $4.67 and last traded at $4.6770, with a volume of 218978 shares changing hands. The stock had previously closed at $4.84.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on ALVO shares. Zacks Research lowered Alvotech from a “hold” rating to a “strong sell” rating in a research note on Thursday, November 20th. UBS Group lowered their price target on Alvotech from $13.00 to $10.00 and set a “buy” rating on the stock in a research report on Tuesday, November 18th. Northland Securities set a $10.00 price objective on Alvotech in a report on Tuesday, November 4th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $8.00 target price (down previously from $14.00) on shares of Alvotech in a research note on Tuesday, November 4th. Finally, Morgan Stanley set a $14.00 target price on shares of Alvotech and gave the stock an “overweight” rating in a research report on Tuesday, October 14th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $10.50.

Alvotech Stock Down 3.7%

The company has a market cap of $1.40 billion, a P/E ratio of 20.26 and a beta of 0.13. The firm has a fifty day moving average price of $7.03 and a 200 day moving average price of $8.36.

Alvotech (NASDAQ:ALVO) last released its quarterly earnings results on Wednesday, November 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.07). Alvotech had a net margin of 12.12% and a negative return on equity of 26.10%. The business had revenue of $113.95 million during the quarter, compared to the consensus estimate of $116.80 million. On average, sell-side analysts anticipate that Alvotech will post -0.07 earnings per share for the current year.

Institutional Trading of Alvotech

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Citadel Advisors LLC acquired a new position in Alvotech during the 3rd quarter worth $346,000. Amundi raised its position in shares of Alvotech by 71.0% during the third quarter. Amundi now owns 19,416 shares of the company’s stock worth $167,000 after acquiring an additional 8,059 shares during the last quarter. Ulland Investment Advisors LLC acquired a new position in shares of Alvotech during the third quarter valued at $92,000. Magnetar Financial LLC bought a new position in Alvotech in the third quarter valued at about $86,000. Finally, Orion Porfolio Solutions LLC acquired a new stake in Alvotech in the third quarter worth about $92,000.

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.