Alvotech (NASDAQ:ALVO) Posts Quarterly Earnings Results, Beats Estimates By $999.07 EPS
by Renee Jackson · The Cerbat GemAlvotech (NASDAQ:ALVO – Get Free Report) released its quarterly earnings results on Wednesday. The company reported $999.00 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $999.07, reports. Alvotech had a net margin of 4.74% and a negative return on equity of 11.92%.
Alvotech Stock Performance
Alvotech stock opened at $3.57 on Thursday. Alvotech has a twelve month low of $3.03 and a twelve month high of $11.85. The firm has a market cap of $1.08 billion, a PE ratio of 35.70 and a beta of 0.21. The firm’s 50 day moving average price is $3.62 and its two-hundred day moving average price is $4.80.
Analyst Ratings Changes
A number of brokerages have weighed in on ALVO. Wall Street Zen upgraded Alvotech from a “sell” rating to a “hold” rating in a research note on Saturday, April 18th. Barclays reduced their price target on shares of Alvotech from $5.00 to $4.00 and set an “underweight” rating on the stock in a research report on Tuesday, March 24th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Alvotech in a report on Monday, April 20th. Zacks Research upgraded shares of Alvotech from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 19th. Finally, UBS Group cut their price objective on Alvotech from $10.00 to $6.00 and set a “buy” rating for the company in a research report on Tuesday, March 24th. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Alvotech has a consensus rating of “Hold” and a consensus target price of $7.60.
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Hedge Funds Weigh In On Alvotech
A number of hedge funds have recently modified their holdings of ALVO. Magnetar Financial LLC purchased a new stake in shares of Alvotech during the third quarter worth $86,000. Orion Porfolio Solutions LLC purchased a new position in Alvotech in the third quarter valued at about $92,000. Stifel Financial Corp acquired a new position in Alvotech in the 4th quarter worth about $108,000. Bank of America Corp DE raised its stake in shares of Alvotech by 218.0% during the 2nd quarter. Bank of America Corp DE now owns 16,623 shares of the company’s stock worth $152,000 after purchasing an additional 11,395 shares in the last quarter. Finally, Amundi raised its stake in shares of Alvotech by 71.0% during the 3rd quarter. Amundi now owns 19,416 shares of the company’s stock worth $167,000 after purchasing an additional 8,059 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).