Alvotech (NASDAQ:ALVO) Trading Down 5.5% – Time to Sell?
by Mitch Edgeman · The Markets DailyAlvotech (NASDAQ:ALVO – Get Free Report)’s stock price dropped 5.5% during trading on Tuesday . The company traded as low as $3.20 and last traded at $3.1950. 151,185 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 603,598 shares. The stock had previously closed at $3.38.
Analyst Upgrades and Downgrades
ALVO has been the topic of several analyst reports. Zacks Research raised Alvotech from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 19th. UBS Group lowered their price objective on Alvotech from $10.00 to $6.00 and set a “buy” rating for the company in a research note on Tuesday, March 24th. Weiss Ratings cut Alvotech from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, June 9th. Barclays cut their target price on Alvotech from $5.00 to $4.00 and set an “underweight” rating on the stock in a research report on Tuesday, March 24th. Finally, Wall Street Zen lowered Alvotech from a “hold” rating to a “sell” rating in a report on Saturday, May 23rd. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $7.60.
Check Out Our Latest Analysis on ALVO
Alvotech Trading Down 3.6%
The business’s 50 day moving average is $3.58 and its 200 day moving average is $4.02. The stock has a market capitalization of $983.00 million, a PE ratio of -13.06 and a beta of 0.19.
Alvotech (NASDAQ:ALVO – Get Free Report) last issued its quarterly earnings results on Tuesday, March 31st. The company reported ($0.09) EPS for the quarter. Alvotech had a negative net margin of 14.36% and a negative return on equity of 11.92%. The firm had revenue of $105.90 million for the quarter. As a group, analysts anticipate that Alvotech will post 0.06 EPS for the current year.
Institutional Investors Weigh In On Alvotech
A number of institutional investors and hedge funds have recently modified their holdings of ALVO. Geode Capital Management LLC boosted its holdings in Alvotech by 0.7% during the 2nd quarter. Geode Capital Management LLC now owns 230,291 shares of the company’s stock valued at $2,100,000 after acquiring an additional 1,574 shares during the period. ProShare Advisors LLC increased its stake in Alvotech by 24.0% in 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 during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Alvotech by 25.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,211 shares of the company’s stock worth $78,000 after purchasing an additional 3,110 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Alvotech by 30.4% during the third quarter. JPMorgan Chase & Co. now owns 24,455 shares of the company’s stock worth $200,000 after purchasing an additional 5,697 shares during the last quarter. Finally, Amundi boosted its stake in shares of Alvotech by 71.0% during the third quarter. Amundi now owns 19,416 shares of the company’s stock valued at $167,000 after purchasing an additional 8,059 shares during the period.
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).