Alvotech (NASDAQ:ALVO – Get Free Report)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $5.02, but opened at $5.40. Alvotech shares last traded at $5.4550, with a volume of 604,649 shares trading hands.
Analyst Upgrades and Downgrades
A number of research firms recently issued reports on ALVO. Barclays upgraded shares of Alvotech from an “underweight” rating to an “overweight” rating and raised their target price for the company from $4.00 to $8.00 in a research note on Wednesday. Bank of America started coverage on Alvotech in a research note on Monday, August 24th. They issued a “buy” rating and a $7.00 price objective on the stock. UBS Group set a $8.00 price objective on Alvotech in a research report on Wednesday. Evercore started coverage on Alvotech in a research note on Friday, August 14th. They set an “outperform” rating on the stock. Finally, Wall Street Zen downgraded shares of Alvotech from a “hold” rating to a “sell” rating in a report on Saturday, May 23rd. Five investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $8.50.
View Our Latest Report on ALVO
Alvotech Stock Up 6.5%
Alvotech (NASDAQ:ALVO – Get Free Report) last announced its quarterly earnings data on Thursday, August 20th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.06). Alvotech had a negative net margin of 36.31% and a negative return on equity of 11.92%. The business had revenue of $106.00 million during the quarter, compared to analyst estimates of $103.00 million. As a group, sell-side analysts expect that Alvotech will post 0.01 EPS for the current fiscal year.
Institutional Trading of Alvotech
Hedge funds have recently modified their holdings of the company. ProShare Advisors LLC boosted its position in shares of Alvotech by 24.0% during the fourth quarter. ProShare Advisors LLC now owns 13,826 shares of the company’s stock worth $71,000 after purchasing an additional 2,675 shares in the last quarter. Renaissance Technologies LLC boosted its position in Alvotech by 146.9% during the 1st quarter. Renaissance Technologies LLC now owns 63,200 shares of the company’s stock worth $217,000 after acquiring an additional 37,600 shares during the last quarter. Finally, Citadel Advisors LLC acquired a new stake in shares of Alvotech in the second quarter valued at about $6,376,000.
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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