Alvotech (NASDAQ:ALVO – Get Free Report)’s share price gapped up prior to trading on Monday . The stock had previously closed at $4.43, but opened at $4.79. Alvotech shares last traded at $4.8350, with a volume of 279,488 shares changing hands.
Analysts Set New Price Targets
Several equities analysts have recently commented on ALVO shares. Wall Street Zen cut shares of Alvotech from a “hold” rating to a “sell” rating in a research report on Saturday, May 23rd. Weiss Ratings lowered Alvotech from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, June 9th. Bank of America started coverage on Alvotech in a research note on Monday. They set a “buy” rating and a $7.00 price objective on the stock. Finally, Evercore started coverage on Alvotech in a report on Friday, August 14th. They set an “outperform” rating on the stock. Four research 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, the stock has a consensus rating of “Hold” and a consensus price target of $7.50.
Check Out Our Latest Stock Analysis on Alvotech
Alvotech Price Performance
Alvotech (NASDAQ:ALVO – Get Free Report) last issued its earnings results on Thursday, August 20th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.06). Alvotech had a negative return on equity of 11.92% and a negative net margin of 36.31%.The business had revenue of $105.77 million for the quarter, compared to analyst estimates of $103.00 million. As a group, equities analysts forecast that Alvotech will post 0.05 EPS for the current fiscal year.
Institutional Investors Weigh In On Alvotech
Institutional investors have recently modified their holdings of the business. Millennium Management LLC raised its stake in Alvotech by 1,707.7% during the fourth quarter. Millennium Management LLC now owns 357,176 shares of the company’s stock worth $1,832,000 after acquiring an additional 337,417 shares during the period. Gilder Gagnon Howe & Co. LLC acquired a new position in Alvotech in the second quarter valued at approximately $1,782,000. Goldman Sachs Group Inc. boosted its stake in Alvotech by 88.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 259,536 shares of the company’s stock valued at $1,331,000 after acquiring an additional 122,089 shares during the period. Vanguard Group Inc. grew its holdings in shares of Alvotech by 2.7% during the third quarter. Vanguard Group Inc. now owns 4,348,151 shares of the company’s stock valued at $35,481,000 after purchasing an additional 114,255 shares during the last quarter. Finally, Jane Street Group LLC bought a new position in shares of Alvotech during the fourth quarter valued at approximately $474,000.
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).
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