Alvotech (NASDAQ:ALVO) Trading Up 9.1% – Here’s What Happened

Alvotech (NASDAQ:ALVO)’s share price was up 9.1% during trading on Thursday . The stock traded as high as $3.39 and last traded at $3.4260. Approximately 55,397 shares traded hands during trading, a decline of 89% from the average daily volume of 496,439 shares. The stock had previously closed at $3.14.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on ALVO shares. Wall Street Zen lowered Alvotech from a “hold” rating to a “sell” rating in a research note on Saturday, May 23rd. Barclays cut their price objective on shares of Alvotech from $5.00 to $4.00 and set an “underweight” rating on the stock in a report on Tuesday, March 24th. Zacks Research raised shares of Alvotech from a “strong sell” rating to a “hold” rating in a report on Thursday, March 19th. Weiss Ratings raised shares of Alvotech from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, May 11th. Finally, UBS Group cut their price objective 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. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Alvotech presently has an average rating of “Hold” and a consensus price target of $7.60.

Alvotech Stock Up 16.4%

The company has a market capitalization of $1.10 billion, a price-to-earnings ratio of -14.74 and a beta of 0.21. The company’s 50 day simple moving average is $3.42 and its two-hundred day simple moving average is $4.30.

Alvotech (NASDAQ:ALVO) last announced its earnings results on Tuesday, March 31st. The company reported ($0.09) earnings per share for the quarter. The firm had revenue of $105.90 million during the quarter. Alvotech had a negative net margin of 14.36% and a negative return on equity of 11.92%. Analysts anticipate that Alvotech will post 0.02 EPS for the current year.

Institutional Investors Weigh In On Alvotech

A number of large investors have recently made changes to their positions in ALVO. State of Wyoming purchased a new stake in shares of Alvotech during the third quarter valued at $54,000. ProShare Advisors LLC grew its holdings in shares of Alvotech by 24.0% during the fourth quarter. ProShare Advisors LLC now owns 13,826 shares of the company’s stock valued at $71,000 after buying an additional 2,675 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Alvotech by 25.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,211 shares of the company’s stock valued at $78,000 after buying an additional 3,110 shares during the last quarter. Magnetar Financial LLC purchased a new stake in shares of Alvotech during the third quarter valued at $86,000. Finally, Ulland Investment Advisors LLC purchased a new stake in shares of Alvotech during the third quarter valued at $92,000.

Alvotech Company Profile

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).