Alvotech (NASDAQ:ALVO) Shares Down 5.5% – Here’s What Happened

Alvotech (NASDAQ:ALVO) traded down 5.5% on Tuesday . The stock traded as low as $4.68 and last traded at $4.63. 204,920 shares traded hands during mid-day trading, a decline of 48% from the average session volume of 394,967 shares. The stock had previously closed at $4.90.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Wall Street Zen cut shares of Alvotech from a “hold” rating to a “sell” rating in a research note on Saturday, November 22nd. UBS Group lowered their target price on Alvotech from $13.00 to $10.00 and set a “buy” rating for the company in a research note on Tuesday, November 18th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Alvotech in a report on Wednesday, October 8th. 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 target on the stock. Finally, Zacks Research upgraded shares of Alvotech from a “strong sell” rating to a “hold” rating in a report on Friday, December 19th. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Alvotech presently has an average rating of “Hold” and a consensus target price of $8.60.

Alvotech Price Performance

The company has a market capitalization of $1.37 billion, a price-to-earnings ratio of 19.98 and a beta of 0.11. The firm has a 50-day moving average price of $5.39 and a two-hundred day moving average price of $7.44.

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

Hedge Funds Weigh In On Alvotech

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Alvotech by 2.7% in the third quarter. Vanguard Group Inc. now owns 4,348,151 shares of the company’s stock valued at $35,481,000 after acquiring an additional 114,255 shares during the period. Legal & General Group Plc raised its position in shares of Alvotech by 17.0% in the 2nd quarter. Legal & General Group Plc now owns 657,742 shares of the company’s stock valued at $6,028,000 after buying an additional 95,331 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Alvotech by 0.7% in the 2nd quarter. Geode Capital Management LLC now owns 230,291 shares of the company’s stock valued at $2,100,000 after purchasing an additional 1,574 shares during the last quarter. Gilder Gagnon Howe & Co. LLC bought a new stake in shares of Alvotech during the 2nd quarter worth $1,782,000. Finally, Norges Bank bought a new stake in shares of Alvotech during the 2nd quarter worth $1,656,000.

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).