Alvotech (NASDAQ:ALVO) Shares Gap Up Following Better-Than-Expected Earnings

Alvotech (NASDAQ:ALVO)’s share price gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $7.94, but opened at $9.30. Alvotech shares last traded at $9.61, with a volume of 397,636 shares.

The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.52.

Wall Street Analysts Forecast Growth

Separately, UBS Group initiated coverage on shares of Alvotech in a report on Friday, February 14th. They issued a “buy” rating and a $18.00 price target for the company.

Hedge Funds Weigh In On Alvotech

Institutional investors have recently modified their holdings of the business. BNP Paribas Financial Markets acquired a new stake in Alvotech during the 4th quarter worth approximately $66,000. GF Fund Management CO. LTD. bought a new stake in shares of Alvotech during the fourth quarter worth $74,000. Wolverine Asset Management LLC raised its holdings in shares of Alvotech by 27.5% during the fourth quarter. Wolverine Asset Management LLC now owns 7,448 shares of the company’s stock worth $99,000 after acquiring an additional 1,607 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new stake in Alvotech in the 4th quarter valued at $113,000. Finally, Invesco Ltd. acquired a new position in Alvotech in the 4th quarter worth $148,000.

Alvotech Stock Performance

The stock has a fifty day simple moving average of $9.45 and a 200-day simple moving average of $11.42. The stock has a market cap of $2.92 billion, a P/E ratio of -5.23 and a beta of -0.02.

Alvotech Company Profile

Alvotech, through its subsidiaries, develops and manufactures biosimilar medicines for patients worldwide. It offers biosimilar products in the therapeutic areas of autoimmune, eye, and bone disorders, as well as cancer. The company's lead program is AVT02, a high concentration formulation biosimilar to Humira to treat various inflammatory conditions, including rheumatoid arthritis, psoriatic arthritis, Crohn's disease, ulcerative colitis, plaque psoriasis, and other indications; AVT04, a biosimilar to Stelara to treat various inflammatory conditions comprising psoriatic arthritis, Crohn's disease, ulcerative colitis, plaque psoriasis, and other indications; AVT06, a biosimilar to Eylea to treat various conditions, such as age-related macular degeneration, macular edema, and diabetic retinopathy; and AVT03, a biosimilar to Xgeva and Prolia, which is in the pre-clinical phase to treat prevent bone fracture, spinal cord compression, and the need for radiation or bone surgery in patients with certain types of cancer, as well as prevent bone loss and increase bone mass.