Alvotech (NASDAQ:ALVO) Stock Price Down 7.6% – What’s Next?

Alvotech (NASDAQ:ALVO)’s stock price was down 7.6% on Friday. The stock traded as low as $4.36 and last traded at $4.3150. 108,178 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 773,409 shares. The stock had previously closed at $4.67.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on ALVO shares. Bank of America started coverage on shares of Alvotech in a research note on Monday, August 24th. They set a “buy” rating and a $7.00 target price for the company. Weiss Ratings upgraded shares of Alvotech from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, November 4th. Barclays raised Alvotech from an “underweight” rating to an “overweight” rating and lifted their price target for the company from $4.00 to $8.00 in a report on Wednesday, September 16th. Jefferies Financial Group started coverage on Alvotech in a research report on Tuesday. They set a “buy” rating and a $9.00 price objective for the company. Finally, Zacks Research lowered Alvotech from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 20th. Five investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $8.40.

Alvotech Stock Down 10.0%

The business’s 50 day moving average is $5.26 and its two-hundred day moving average is $4.21. The firm has a market capitalization of $1.27 billion, a P/E ratio of -5.13 and a beta of 0.24.

Alvotech (NASDAQ:ALVO) last announced its earnings results on Wednesday, November 11th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. The company had revenue of $111.60 million during the quarter, compared to the consensus estimate of $125.20 million. As a group, equities analysts anticipate that Alvotech will post -0.01 earnings per share for the current fiscal year.

Institutional Trading of Alvotech

Institutional investors have recently made changes to their positions in the stock. Citadel Advisors LLC bought a new position in shares of Alvotech in the second quarter valued at approximately $6,376,000. Royce & Associates LP bought a new stake in Alvotech during the third quarter worth approximately $3,817,000. Ulland Investment Advisors LLC raised its holdings in Alvotech by 5.0% during the third quarter. Ulland Investment Advisors LLC now owns 115,000 shares of the company’s stock worth $667,000 after purchasing an additional 5,500 shares in the last quarter. State Street Corp bought a new stake in Alvotech during the third quarter worth approximately $594,000. Finally, China Universal Asset Management Co. Ltd. lifted its position in Alvotech by 24.3% in the third quarter. China Universal Asset Management Co. Ltd. now owns 61,712 shares of the company’s stock worth $365,000 after purchasing an additional 12,049 shares during the period.

About Alvotech

Alvotech is a biopharmaceutical company based in Reykjavik, Iceland, focused on developing and manufacturing biosimilars—medicines designed to be highly similar to existing biologic drugs. Its work includes biosimilars for conditions in areas such as immunology and oncology. Founded in 2013 by entrepreneur Robert Wessman, the company operates an integrated development and manufacturing platform in Iceland. Alvotech works with commercial partners to seek regulatory approval for and distribute its products in markets including the United States and Europe.