Alvotech (NASDAQ:ALVO) Upgraded by Wall Street Zen to Hold Rating

Alvotech (NASDAQ:ALVO) was upgraded by stock analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued on Saturday.

ALVO has been the subject of a number of other reports. Zacks Research raised shares of Alvotech from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 19th. Barclays lowered their target price on shares of Alvotech from $5.00 to $4.00 and set an “underweight” rating for the company in a report on Tuesday. Morgan Stanley set a $10.00 target price on Alvotech in a research report on Wednesday, December 3rd. UBS Group reduced their price objective on shares of Alvotech from $10.00 to $6.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Alvotech in a report on Wednesday, January 21st. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $7.60.

Alvotech Stock Down 4.0%

Alvotech stock opened at $3.11 on Friday. The business’s 50-day simple moving average is $4.35 and its 200 day simple moving average is $5.70. The stock has a market cap of $937.60 million, a price-to-earnings ratio of 31.10 and a beta of 0.16. Alvotech has a 12-month low of $3.03 and a 12-month high of $11.85.

Alvotech (NASDAQ:ALVO) last announced its quarterly earnings data on Wednesday, March 18th. The company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.50). The firm had revenue of $173.20 million for the quarter, compared to the consensus estimate of $162.20 million. Alvotech had a negative return on equity of 12.84% and a net margin of 4.74%. As a group, sell-side analysts expect that Alvotech will post -0.07 EPS for the current year.

Institutional Trading of Alvotech

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Millennium Management LLC lifted its holdings in Alvotech by 1,707.7% during the 4th quarter. Millennium Management LLC now owns 357,176 shares of the company’s stock worth $1,832,000 after purchasing an additional 337,417 shares during the last quarter. Gilder Gagnon Howe & Co. LLC acquired a new position in Alvotech in the 2nd quarter valued at $1,782,000. Norges Bank bought a new position in Alvotech during the 2nd quarter worth $1,656,000. Goldman Sachs Group Inc. boosted its position in shares of Alvotech by 88.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 259,536 shares of the company’s stock valued at $1,331,000 after acquiring an additional 122,089 shares during the period. Finally, Vanguard Group Inc. grew its stake in shares of Alvotech by 2.7% in the third quarter. Vanguard Group Inc. now owns 4,348,151 shares of the company’s stock valued at $35,481,000 after acquiring an additional 114,255 shares in the last quarter.

Alvotech Company Profile

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).