Alvotech (NASDAQ:ALVO) Lowered to Sell Rating by Wall Street Zen

Alvotech (NASDAQ:ALVO) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Sunday.

Other equities analysts have also issued research reports about the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Alvotech in a research report on Wednesday, January 21st. Zacks Research raised shares of Alvotech from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 19th. Barclays lowered their price target on shares of Alvotech from $5.00 to $4.00 and set an “underweight” rating on the stock in a report on Tuesday, March 24th. Finally, UBS Group dropped their price objective on Alvotech from $10.00 to $6.00 and set a “buy” rating on the stock in a research note on Tuesday, March 24th. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $7.60.

Alvotech Stock Performance

Shares of Alvotech stock opened at $3.65 on Friday. The business’s fifty day simple moving average is $4.20 and its 200 day simple moving average is $5.53. Alvotech has a 12 month low of $3.03 and a 12 month high of $11.85. The firm has a market capitalization of $1.10 billion, a P/E ratio of 36.50 and a beta of 0.25.

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

Hedge Funds Weigh In On Alvotech

A number of large investors have recently made changes to their positions in the stock. Geode Capital Management LLC grew its position in shares of Alvotech by 0.7% in the second quarter. Geode Capital Management LLC now owns 230,291 shares of the company’s stock valued at $2,100,000 after purchasing an additional 1,574 shares in the last quarter. Tempus Wealth Planning LLC boosted its stake in Alvotech by 6.8% in the 3rd quarter. Tempus Wealth Planning LLC now owns 33,806 shares of the company’s stock worth $277,000 after purchasing an additional 2,154 shares during the period. ProShare Advisors LLC boosted its stake in Alvotech by 24.0% in the 4th 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. Mirae Asset Global Investments Co. Ltd. grew its holdings in Alvotech by 25.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,211 shares of the company’s stock valued at $78,000 after buying an additional 3,110 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in Alvotech by 30.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 24,455 shares of the company’s stock valued at $200,000 after buying an additional 5,697 shares in the last quarter.

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).