Alvotech (NASDAQ:ALVO) Stock Has Consensus Price Target of $8.50

Alvotech (NASDAQ:ALVO) has earned a consensus rating of “Hold” from the seven brokerages that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and four have given a buy recommendation to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $8.50.

Several research firms recently issued reports on ALVO. Barclays raised Alvotech from an “underweight” rating to an “overweight” rating and upped their target price for the company from $4.00 to $8.00 in a research report on Wednesday, September 16th. Evercore assumed coverage on Alvotech in a research report on Friday, August 14th. They set an “outperform” rating for the company. Weiss Ratings raised Alvotech from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, October 6th. Bank of America began coverage on Alvotech in a research note on Monday, August 24th. They set a “buy” rating and a $7.00 price target on the stock. Finally, UBS Group set a $8.00 price objective on Alvotech in a report on Wednesday, September 16th.

Institutional Investors Weigh In On Alvotech

A number of institutional investors and hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC increased 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 buying an additional 37,600 shares during the period. Ulland Investment Advisors LLC raised its position in Alvotech by 5.0% during the 3rd quarter. Ulland Investment Advisors LLC now owns 115,000 shares of the company’s stock worth $667,000 after buying an additional 5,500 shares during the last quarter. Finally, Citadel Advisors LLC acquired a new stake in Alvotech during the 2nd quarter valued at approximately $6,376,000.

Alvotech Trading Down 5.8%

Shares of Alvotech stock opened at $5.00 on Tuesday. Alvotech has a 12-month low of $2.94 and a 12-month high of $8.74. The firm has a market capitalization of $1.51 billion, a price-to-earnings ratio of -8.20 and a beta of 0.20. The firm’s 50 day simple moving average is $5.17 and its two-hundred day simple moving average is $4.11.

Alvotech (NASDAQ:ALVO) last posted its quarterly earnings data on Thursday, August 20th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.06). The firm had revenue of $106.00 million for the quarter, compared to analyst estimates of $103.00 million. On average, sell-side analysts predict that Alvotech will post 0.01 EPS for the current fiscal year.

About Alvotech

Alvotech is a biotechnology company focused on developing and manufacturing biosimilar medicines. Biosimilars are biologic products designed to be highly similar to already approved reference medicines and are intended to expand access to treatments while supporting greater affordability.

The company’s pipeline includes biosimilar candidates for conditions in immunology, ophthalmology, oncology and other therapeutic areas. Its development activities cover complex biologic medicines, including treatments used for autoimmune and inflammatory diseases.