Alvotech (NASDAQ:ALVO) Shares Up 7.2% – Time to Buy?

Alvotech (NASDAQ:ALVO) shares were up 7.2% on Friday . The company traded as high as $5.65 and last traded at $5.7250. 704,465 shares changed hands during mid-day trading, a decline of 0% from the average session volume of 704,637 shares. The stock had previously closed at $5.34.

Analysts Set New Price Targets

ALVO has been the subject of a number of analyst reports. Wall Street Zen cut Alvotech from a “hold” rating to a “sell” rating in a report on Saturday, May 23rd. Evercore began coverage on Alvotech in a research report on Friday, August 14th. They issued an “outperform” rating for the company. Barclays raised Alvotech from an “underweight” rating to an “overweight” rating and upped their target price for the stock from $4.00 to $8.00 in a research note on Wednesday. Bank of America initiated coverage on shares of Alvotech in a research note on Monday, August 24th. They issued a “buy” rating and a $7.00 price target on the stock. Finally, UBS Group set a $8.00 price target on shares of Alvotech in a report on Wednesday. Five equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Alvotech presently has an average rating of “Moderate Buy” and an average price target of $8.50.

Alvotech Trading Up 11.8%

The stock’s fifty day simple moving average is $4.23 and its 200 day simple moving average is $3.81. The company has a market cap of $1.80 billion, a price-to-earnings ratio of -9.78 and a beta of 0.22.

Alvotech (NASDAQ:ALVO) last posted its quarterly earnings results on Thursday, August 20th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.06). Alvotech had a negative net margin of 36.31% and a negative return on equity of 11.92%. The company had revenue of $106.00 million during the quarter, compared to analyst estimates of $103.00 million. On average, analysts predict that Alvotech will post 0.01 EPS for the current year.

Institutional Investors Weigh In On Alvotech

Several hedge funds and other institutional investors have recently bought and sold shares of the company. ProShare Advisors LLC grew its position in Alvotech by 24.0% in the fourth quarter. ProShare Advisors LLC now owns 13,826 shares of the company’s stock worth $71,000 after acquiring an additional 2,675 shares during the period. Renaissance Technologies LLC grew its holdings in shares of Alvotech by 146.9% during the 1st quarter. Renaissance Technologies LLC now owns 63,200 shares of the company’s stock worth $217,000 after purchasing an additional 37,600 shares during the period. Finally, Citadel Advisors LLC acquired a new stake in shares of Alvotech during the 2nd quarter worth about $6,376,000.

Alvotech Company Profile

Alvotech is a biopharmaceutical company headquartered in Reykjavik, Iceland, focused on developing and manufacturing biosimilar medicines. Its products are intended to provide alternatives to biologic therapies used to treat conditions including autoimmune diseases, cancer and eye disorders.

The company has established a pipeline spanning several therapeutic areas, with candidates targeting medicines such as ustekinumab, denosumab, secukinumab and aflibercept. Alvotech operates an integrated platform covering cell-line development, process development, analytical testing and commercial-scale manufacturing.

Founded in 2013, Alvotech serves international markets through commercial and strategic partnerships.