Alvotech (NASDAQ:ALVO) Shares Gap Up – Still a Buy?

Alvotech (NASDAQ:ALVO) shares gapped up before the market opened on Monday . The stock had previously closed at $4.43, but opened at $4.79. Alvotech shares last traded at $4.8350, with a volume of 279,488 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on ALVO shares. Bank of America initiated coverage on Alvotech in a research note on Monday. They set a “buy” rating and a $7.00 target price for the company. Weiss Ratings cut Alvotech from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, June 9th. Wall Street Zen downgraded Alvotech from a “hold” rating to a “sell” rating in a research report on Saturday, May 23rd. Finally, Evercore started coverage on Alvotech in a research report on Friday, August 14th. They set an “outperform” rating for the company. Four investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $7.50.

Alvotech Stock Performance

The business’s fifty day moving average is $3.71 and its 200-day moving average is $3.73. The firm has a market cap of $1.52 billion, a P/E ratio of -8.28 and a beta of 0.18.

Alvotech (NASDAQ:ALVO) last posted its earnings results on Thursday, August 20th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.06). Alvotech had a negative return on equity of 11.92% and a negative net margin of 36.31%.The business had revenue of $105.77 million for the quarter, compared to the consensus estimate of $103.00 million. Analysts predict that Alvotech will post 0.05 EPS for the current fiscal year.

Institutional Trading of Alvotech

Institutional investors have recently modified their holdings of the business. ProShare Advisors LLC raised its position in Alvotech by 24.0% during the 4th quarter. ProShare Advisors LLC now owns 13,826 shares of the company’s stock worth $71,000 after purchasing an additional 2,675 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Alvotech by 25.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,211 shares of the company’s stock worth $78,000 after buying an additional 3,110 shares during the period. Magnetar Financial LLC bought a new stake in shares of Alvotech in the 3rd quarter valued at about $86,000. Orion Porfolio Solutions LLC bought a new stake in shares of Alvotech in the 3rd quarter valued at about $92,000. Finally, Stifel Financial Corp bought a new stake in shares of Alvotech in the 4th quarter valued at about $108,000.

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).