Alvotech (NASDAQ:ALVO) Upgraded to “Hold” at Wall Street Zen

Wall Street Zen upgraded shares of Alvotech (NASDAQ:ALVO) from a sell rating to a hold rating in a report published on Saturday,Wall Street Zen reports.

Several other research firms also recently commented on ALVO. Weiss Ratings upgraded shares of Alvotech from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, October 6th. Zacks Research cut shares of Alvotech from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 20th. Bank of America started coverage on shares of Alvotech in a report on Monday, August 24th. They issued a “buy” rating and a $7.00 price objective for the company. Evercore initiated coverage on shares of Alvotech in a research report on Friday, August 14th. They set an “outperform” rating on the stock. Finally, Barclays raised shares of Alvotech from an “underweight” rating to an “overweight” rating and raised their target price for the stock from $4.00 to $8.00 in a report on Wednesday, September 16th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Alvotech currently has an average rating of “Hold” and an average target price of $8.50.

Alvotech Price Performance

Shares of NASDAQ ALVO opened at $4.58 on Friday. The stock’s fifty day moving average price is $5.27 and its two-hundred day moving average price is $4.16. Alvotech has a one year low of $2.94 and a one year high of $8.50. The firm has a market cap of $1.38 billion, a price-to-earnings ratio of -7.51 and a beta of 0.20.

Alvotech (NASDAQ:ALVO) last posted its quarterly earnings data on Thursday, August 20th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.06). The business had revenue of $106.00 million during the quarter, compared to analysts’ expectations of $103.00 million. On average, equities analysts anticipate that Alvotech will post -0.01 earnings per share for the current fiscal year.

Institutional Trading of Alvotech

A number of institutional investors have recently modified their holdings of ALVO. Citadel Advisors LLC acquired a new stake in shares of Alvotech during the 2nd quarter worth $6,376,000. Ulland Investment Advisors LLC raised its stake in Alvotech by 5.0% in the third quarter. Ulland Investment Advisors LLC now owns 115,000 shares of the company’s stock valued at $667,000 after purchasing an additional 5,500 shares in the last quarter. Finally, Renaissance Technologies LLC raised its stake in Alvotech by 146.9% in the first quarter. Renaissance Technologies LLC now owns 63,200 shares of the company’s stock valued at $217,000 after purchasing an additional 37,600 shares in the last quarter.

About Alvotech

Alvotech is a biotechnology company headquartered in Reykjavík, Iceland, 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 patient access to complex treatments at potentially lower costs.

The company uses an integrated research, development and manufacturing model and concentrates on therapeutic areas including immunology, ophthalmology, oncology and bone health.