Alvotech (NASDAQ:ALVO) Shares Gap Down – Should You Sell?

by · The Markets Daily

Alvotech (NASDAQ:ALVO – Get Free Report) shares gapped down before the market opened on Tuesday . The stock had previously closed at $5.45, but opened at $5.23. Alvotech shares last traded at $5.5350, with a volume of 146,334 shares traded.

Wall Street Analyst Weigh In

Several research firms have recently commented on ALVO. Morgan Stanley set a $10.00 price objective on shares of Alvotech in a report on Wednesday, December 3rd. Wall Street Zen cut Alvotech from a “hold” rating to a “sell” rating in a research report on Saturday, November 22nd. Northland Securities set a $10.00 price objective on shares of Alvotech in a research note on Tuesday, November 4th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Alvotech in a research note on Wednesday, October 8th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $8.00 price objective (down previously from $14.00) on shares of Alvotech in a report on Tuesday, November 4th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, Alvotech presently has an average rating of “Reduce” and a consensus price target of $8.60.

Read Our Latest Report on ALVO

Alvotech Price Performance

The firm has a market cap of $1.68 billion, a PE ratio of 24.20 and a beta of 0.13. The business’s 50 day moving average price is $6.69 and its 200 day moving average price is $8.18.

Alvotech (NASDAQ:ALVO – Get Free Report) last posted its quarterly earnings data on Wednesday, November 12th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.07). Alvotech had a negative return on equity of 26.10% and a net margin of 12.12%.The firm had revenue of $113.95 million for the quarter, compared to analysts’ expectations of $116.80 million. As a group, analysts predict that Alvotech will post -0.07 earnings per share for the current year.

Institutional Investors Weigh In On Alvotech

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. State of Wyoming acquired a new stake in shares of Alvotech in the third quarter valued at about $54,000. Wolverine Asset Management LLC raised its holdings in Alvotech by 24.7% in the 1st quarter. Wolverine Asset Management LLC now owns 9,286 shares of the company’s stock valued at $90,000 after acquiring an additional 1,838 shares during the last quarter. Magnetar Financial LLC purchased a new position in Alvotech in the 3rd quarter worth approximately $86,000. ProShare Advisors LLC acquired a new position in shares of Alvotech during the 3rd quarter worth approximately $91,000. Finally, Ulland Investment Advisors LLC purchased a new stake in shares of Alvotech in the third quarter valued at approximately $92,000.

Alvotech Company Profile

(Get Free Report)

Alvotech, through its subsidiaries, develops and manufactures biosimilar medicines for patients worldwide. It offers biosimilar products in the therapeutic areas of autoimmune, eye, and bone disorders, as well as cancer. The company's lead program is AVT02, a high concentration formulation biosimilar to Humira to treat various inflammatory conditions, including rheumatoid arthritis, psoriatic arthritis, Crohn's disease, ulcerative colitis, plaque psoriasis, and other indications; AVT04, a biosimilar to Stelara to treat various inflammatory conditions comprising psoriatic arthritis, Crohn's disease, ulcerative colitis, plaque psoriasis, and other indications; AVT06, a biosimilar to Eylea to treat various conditions, such as age-related macular degeneration, macular edema, and diabetic retinopathy; and AVT03, a biosimilar to Xgeva and Prolia, which is in the pre-clinical phase to treat prevent bone fracture, spinal cord compression, and the need for radiation or bone surgery in patients with certain types of cancer, as well as prevent bone loss and increase bone mass.

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