Alvotech (NASDAQ:ALVO) Receives $8.60 Consensus PT from Brokerages

Shares of Alvotech (NASDAQ:ALVO) have been given an average rating of “Hold” by the six analysts that are covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $8.60.

ALVO has been the topic of a number of recent research reports. Morgan Stanley set a $10.00 price objective on Alvotech in a research note on Wednesday, December 3rd. Wall Street Zen cut Alvotech from a “hold” rating to a “sell” rating in a report on Saturday, November 22nd. Barclays started coverage on shares of Alvotech in a research report on Monday, December 8th. They issued an “underweight” rating and a $5.00 price objective for the company. Zacks Research raised shares of Alvotech from a “strong sell” rating to a “hold” rating in a research report on Friday, December 19th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Alvotech in a report on Wednesday, October 8th.

Alvotech Price Performance

ALVO opened at $4.98 on Wednesday. Alvotech has a 12 month low of $4.32 and a 12 month high of $13.70. The business has a 50-day moving average of $6.00 and a two-hundred day moving average of $7.74. The stock has a market capitalization of $1.50 billion, a price-to-earnings ratio of 21.17 and a beta of 0.13.

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

Institutional Investors Weigh In On Alvotech

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

About Alvotech

Alvotech (NASDAQ:ALVO) is a global biopharmaceutical company specializing in the development, manufacturing and commercialization of biosimilar medicines. The company focuses on creating high‐quality, cost‐effective alternatives to established biologic therapies in areas such as immunology, oncology and other specialty care fields. By leveraging in‐house research and a vertically integrated manufacturing platform, Alvotech aims to bring approved biosimilars to market more rapidly and with greater cost efficiency than many traditional biosimilar developers.

Since its founding in 2013, Alvotech has built a diversified pipeline of monoclonal antibody biosimilars, targeting blockbuster reference products including adalimumab (originally branded Humira), bevacizumab (Avastin) and ustekinumab (Stelara).