Alvotech (NASDAQ:ALVO) Receives Average Recommendation of “Moderate Buy” from Brokerages

by · The Cerbat Gem

Shares of Alvotech (NASDAQ:ALVO – Get Free Report) have earned a consensus rating of “Moderate Buy” from the eight ratings firms that are covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and five have given a buy recommendation to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $8.50.

Several analysts recently commented on the company. Bank of America assumed coverage on Alvotech in a research report on Monday, August 24th. They issued a “buy” rating and a $7.00 target price on the stock. Barclays upgraded Alvotech from an “underweight” rating to an “overweight” rating and boosted their price target for the stock from $4.00 to $8.00 in a research report on Wednesday. Evercore began coverage on Alvotech in a report on Friday, August 14th. They set an “outperform” rating on the stock. Weiss Ratings upgraded shares of Alvotech from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, August 31st. Finally, UBS Group set a $8.00 price objective on shares of Alvotech in a report on Wednesday.

Check Out Our Latest Report on Alvotech

Alvotech Stock Up 4.7%

Shares of NASDAQ:ALVO opened at $5.34 on Friday. The company’s 50-day moving average price is $4.23 and its 200 day moving average price is $3.81. The company has a market cap of $1.61 billion, a PE ratio of -8.75 and a beta of 0.22. Alvotech has a fifty-two week low of $2.94 and a fifty-two week high of $9.25.

Alvotech (NASDAQ:ALVO – Get Free Report) last announced its quarterly earnings results on Thursday, August 20th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.06). The firm had revenue of $106.00 million during the quarter, compared to analyst estimates of $103.00 million. Alvotech had a negative net margin of 36.31% and a negative return on equity of 11.92%. As a group, equities analysts anticipate that Alvotech will post 0.01 EPS for the current year.

Institutional Trading of Alvotech

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Citadel Advisors LLC bought a new position in shares of Alvotech in the second quarter valued at approximately $6,376,000. Renaissance Technologies LLC increased its stake in shares of Alvotech by 146.9% during the first quarter. Renaissance Technologies LLC now owns 63,200 shares of the company’s stock valued at $217,000 after acquiring an additional 37,600 shares during the period. Finally, ProShare Advisors LLC raised its holdings in 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 in the last quarter.

Alvotech Company Profile

(Get Free Report)

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.

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