Alvotech (NASDAQ:ALVO – Get Free Report)’s stock price was up 3.5% on Thursday . The company traded as high as $5.93 and last traded at $6.0130. Approximately 111,694 shares changed hands during trading, a decline of 85% from the average session volume of 722,786 shares. The stock had previously closed at $5.81.
Analyst Ratings Changes
ALVO has been the topic of a number of recent research reports. Weiss Ratings cut shares of Alvotech from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, September 17th. UBS Group set a $8.00 price target on Alvotech in a research report on Wednesday, September 16th. Bank of America started coverage on Alvotech in a report on Monday, August 24th. They issued a “buy” rating and a $7.00 price target on the stock. Barclays upgraded Alvotech from an “underweight” rating to an “overweight” rating and boosted their price objective for the company from $4.00 to $8.00 in a research report on Wednesday, September 16th. Finally, Evercore began coverage on Alvotech in a research note on Friday, August 14th. They set an “outperform” rating for the company. Five investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Alvotech has an average rating of “Moderate Buy” and a consensus price target of $8.50.
Get Our Latest Research Report on Alvotech
Alvotech Stock Performance
Alvotech (NASDAQ:ALVO – Get Free Report) last announced its quarterly earnings results on Thursday, August 20th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.06). The firm had revenue of $106.00 million during the quarter, compared to analyst estimates of $103.00 million. Alvotech had a negative net margin of 36.31% and a negative return on equity of 11.92%. As a group, sell-side analysts expect that Alvotech will post 0.01 EPS for the current year.
Institutional Inflows and Outflows
A number of institutional investors have recently added to or reduced their stakes in the business. Citadel Advisors LLC acquired a new stake in Alvotech during the second quarter valued at approximately $6,376,000. Renaissance Technologies LLC grew its position in Alvotech by 146.9% in the first quarter. Renaissance Technologies LLC now owns 63,200 shares of the company’s stock worth $217,000 after buying an additional 37,600 shares during the last quarter. Finally, ProShare Advisors LLC grew its position 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 buying an additional 2,675 shares during the last quarter.
About Alvotech
Alvotech is a biopharmaceutical company headquartered in Reykjavik, Iceland, focused on developing and manufacturing biosimilar medicines. Its products are intended to provide alternatives to biologic therapies used to treat conditions including autoimmune diseases, cancer and eye disorders.
The company has established a pipeline spanning several therapeutic areas, with candidates targeting medicines such as ustekinumab, denosumab, secukinumab and aflibercept. Alvotech operates an integrated platform covering cell-line development, process development, analytical testing and commercial-scale manufacturing.
Founded in 2013, Alvotech serves international markets through commercial and strategic partnerships.
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