Alvotech (NASDAQ:ALVO) Stock Price Down 9.5% – Time to Sell?
by Sarita Garza · The Markets DailyAlvotech (NASDAQ:ALVO – Get Free Report) traded down 9.5% during trading on Tuesday . The stock traded as low as $3.48 and last traded at $3.4290. 371,462 shares changed hands during trading, a decline of 30% from the average session volume of 533,778 shares. The stock had previously closed at $3.79.
Wall Street Analysts Forecast Growth
Several research analysts have weighed in on ALVO shares. Zacks Research raised Alvotech from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 19th. Wall Street Zen cut shares of Alvotech from a “hold” rating to a “sell” rating in a research note on Sunday. Barclays lowered their target price 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. UBS Group dropped their price target on shares of Alvotech from $10.00 to $6.00 and set a “buy” rating on the stock in a research report on Tuesday, March 24th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Alvotech in a research report on Wednesday, January 21st. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $7.60.
Read Our Latest Stock Analysis on ALVO
Alvotech Price Performance
The stock has a 50-day moving average price of $4.10 and a 200-day moving average price of $5.44. The company has a market capitalization of $1.09 billion, a price-to-earnings ratio of 36.00 and a beta of 0.25.
Alvotech (NASDAQ:ALVO – Get Free Report) last posted its earnings results on Wednesday, March 18th. The company reported ($0.37) earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.50). Alvotech had a negative return on equity of 12.84% and a net margin of 4.74%.The business had revenue of $173.20 million for the quarter, compared to analyst estimates of $162.20 million. Equities analysts forecast that Alvotech will post -0.07 earnings per share for the current year.
Hedge Funds Weigh In On Alvotech
Several large investors have recently modified their holdings of the stock. Invesco Ltd. boosted its holdings in shares of Alvotech by 57.5% during the 4th quarter. Invesco Ltd. now owns 73,360 shares of the company’s stock worth $376,000 after buying an additional 26,784 shares during the period. Millennium Management LLC grew its stake in Alvotech by 1,707.7% in the 4th quarter. Millennium Management LLC now owns 357,176 shares of the company’s stock valued at $1,832,000 after buying an additional 337,417 shares during the last quarter. Stifel Financial Corp bought a new position in Alvotech in the 4th quarter valued at about $108,000. Jane Street Group LLC acquired a new stake in Alvotech during the fourth quarter worth approximately $474,000. Finally, Goldman Sachs Group Inc. lifted its position in Alvotech by 88.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 259,536 shares of the company’s stock worth $1,331,000 after acquiring an additional 122,089 shares during 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).