Alvotech (NASDAQ:ALVO) Shares Up 3.5% – Still a Buy?

Alvotech (NASDAQ:ALVO) traded up 3.5% during mid-day trading on Thursday . The company traded as high as $5.93 and last traded at $6.0130. Approximately 111,694 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 722,786 shares. The stock had previously closed at $5.81.

Analyst Upgrades and Downgrades

ALVO has been the topic of a number of recent analyst reports. Weiss Ratings lowered Alvotech from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, September 17th. Bank of America assumed coverage on Alvotech in a research note on Monday, August 24th. They issued a “buy” rating and a $7.00 price target on the stock. Evercore began coverage on Alvotech in a report on Friday, August 14th. They set an “outperform” rating on the stock. Barclays upgraded 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. Finally, UBS Group set a $8.00 target price on shares of Alvotech in a research report on Wednesday, September 16th. Five research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Alvotech presently has an average rating of “Moderate Buy” and a consensus price target of $8.50.

Alvotech Price Performance

The company has a market cap of $1.77 billion, a PE ratio of -9.63 and a beta of 0.22. The stock has a fifty day moving average price of $4.43 and a 200-day moving average price of $3.86.

Alvotech (NASDAQ:ALVO) last issued its quarterly 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). The business had revenue of $106.00 million for the quarter, compared to analysts’ expectations of $103.00 million. Alvotech had a negative net margin of 36.31% and a negative return on equity of 11.92%. On average, equities analysts anticipate that Alvotech will post 0.01 earnings per share for the current year.

Hedge Funds Weigh In On Alvotech

A number of large investors have recently made changes to their positions in the business. ProShare Advisors LLC boosted its holdings in shares of Alvotech by 24.0% during the fourth 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 period. Renaissance Technologies LLC increased its stake in Alvotech by 146.9% in the 1st quarter. Renaissance Technologies LLC now owns 63,200 shares of the company’s stock valued at $217,000 after buying an additional 37,600 shares during the period. Finally, Citadel Advisors LLC acquired a new position in Alvotech in the 2nd quarter valued at approximately $6,376,000.

About Alvotech

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.