Alvotech (NASDAQ:ALVO) Shares Up 6.8% – Here’s What Happened

Alvotech (NASDAQ:ALVO)’s share price rose 6.8% on Wednesday . The company traded as high as $5.00 and last traded at $5.1350. Approximately 194,304 shares changed hands during mid-day trading, a decline of 42% from the average daily volume of 335,882 shares. The stock had previously closed at $4.81.

Wall Street Analyst Weigh In

ALVO has been the subject of several recent analyst reports. Northland Securities set a $10.00 price target on Alvotech in a research note on Tuesday, November 4th. Weiss Ratings restated a “sell (e+)” rating on shares of Alvotech in a research report on Wednesday, October 8th. Wall Street Zen downgraded Alvotech from a “hold” rating to a “sell” rating in a research note on Saturday, November 22nd. Barclays began coverage on shares of Alvotech in a research note on Monday, December 8th. They issued an “underweight” rating and a $5.00 price target on the stock. Finally, Morgan Stanley set a $10.00 price objective on shares of Alvotech in a research report on Wednesday, December 3rd. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $8.60.

Alvotech Price Performance

The firm has a fifty day moving average of $5.86 and a 200 day moving average of $7.70. The stock has a market cap of $1.58 billion, a price-to-earnings ratio of 22.76 and a beta of 0.13.

Alvotech (NASDAQ:ALVO) last announced its quarterly earnings results on Wednesday, November 12th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.07). Alvotech had a net margin of 12.12% and a negative return on equity of 26.10%. The firm had revenue of $113.95 million for the quarter, compared to analyst estimates of $116.80 million. Research analysts anticipate that Alvotech will post -0.07 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Alvotech

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Citadel Advisors LLC purchased a new stake in Alvotech in the third quarter valued at $346,000. Amundi increased its position in shares of Alvotech by 71.0% during the 3rd quarter. Amundi now owns 19,416 shares of the company’s stock worth $167,000 after purchasing an additional 8,059 shares during the last quarter. Ulland Investment Advisors LLC purchased a new stake in Alvotech in the 3rd quarter valued at about $92,000. Magnetar Financial LLC acquired a new position in Alvotech in the third quarter valued at about $86,000. Finally, Orion Porfolio Solutions LLC acquired a new position in Alvotech in the third quarter valued at about $92,000.

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).