Analysts Set Alvotech (NASDAQ:ALVO) Target Price at $7.60

Shares of Alvotech (NASDAQ:ALVO) have earned an average rating of “Hold” from the six analysts that are covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating on the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $7.60.

Several research analysts have recently issued reports on ALVO shares. UBS Group cut their target price on shares of Alvotech from $10.00 to $6.00 and set a “buy” rating on the stock in a report on Tuesday, March 24th. Weiss Ratings raised Alvotech from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, May 11th. Zacks Research upgraded shares of Alvotech from a “strong sell” rating to a “hold” rating in a report on Thursday, March 19th. Wall Street Zen upgraded shares of Alvotech from a “sell” rating to a “hold” rating in a report on Saturday, April 18th. Finally, Barclays decreased their price objective on shares of Alvotech from $5.00 to $4.00 and set an “underweight” rating for the company in a report on Tuesday, March 24th.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC raised its holdings in Alvotech by 146.9% in the 1st quarter. Renaissance Technologies LLC now owns 63,200 shares of the company’s stock worth $217,000 after purchasing an additional 37,600 shares in the last quarter. Invesco Ltd. raised its holdings in Alvotech by 57.5% in the 4th quarter. Invesco Ltd. now owns 73,360 shares of the company’s stock worth $376,000 after purchasing an additional 26,784 shares in the last quarter. Millennium Management LLC raised its holdings in Alvotech by 1,707.7% in the 4th quarter. Millennium Management LLC now owns 357,176 shares of the company’s stock worth $1,832,000 after purchasing an additional 337,417 shares in the last quarter. Stifel Financial Corp bought a new position in Alvotech in the 4th quarter worth $108,000. Finally, Jane Street Group LLC bought a new position in Alvotech in the 4th quarter worth $474,000.

Alvotech Stock Performance

Shares of Alvotech stock opened at $3.25 on Friday. Alvotech has a 52-week low of $3.03 and a 52-week high of $11.85. The stock has a market capitalization of $980.87 million, a price-to-earnings ratio of -13.00 and a beta of 0.21. The company’s 50 day moving average price is $3.52 and its 200-day moving average price is $4.52.

Alvotech (NASDAQ:ALVO) last issued its earnings results on Tuesday, March 31st. The company reported ($0.09) earnings per share (EPS) for the quarter. Alvotech had a negative return on equity of 11.92% and a negative net margin of 14.36%.The firm had revenue of $105.90 million during the quarter. As a group, equities research analysts forecast that Alvotech will post 0.01 earnings per share for the current fiscal year.

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).