Alvotech (NASDAQ:ALVO) Stock Price Down 5.5% – Time to Sell?

Alvotech (NASDAQ:ALVO)’s stock price traded down 5.5% during trading on Tuesday . The stock traded as low as $3.20 and last traded at $3.1950. 151,185 shares traded hands during trading, a decline of 75% from the average session volume of 603,598 shares. The stock had previously closed at $3.38.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Zacks Research upgraded Alvotech from a “strong sell” rating to a “hold” rating in a report on Thursday, March 19th. Wall Street Zen lowered Alvotech from a “hold” rating to a “sell” rating in a research note on Saturday, May 23rd. Weiss Ratings cut shares of Alvotech from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, June 9th. 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. Finally, UBS Group lowered their price objective on shares of Alvotech from $10.00 to $6.00 and set a “buy” rating for the company in a report on Tuesday, March 24th. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Alvotech currently has a consensus rating of “Hold” and a consensus target price of $7.60.

Alvotech Stock Up 2.4%

The company has a fifty day simple moving average of $3.57 and a 200 day simple moving average of $3.99. The firm has a market capitalization of $1.02 billion, a P/E ratio of -13.52 and a beta of 0.19.

Alvotech (NASDAQ:ALVO) last issued its quarterly earnings results on Tuesday, March 31st. The company reported ($0.09) earnings per share for the quarter. The company had revenue of $105.90 million for the quarter. Alvotech had a negative net margin of 14.36% and a negative return on equity of 11.92%. As a group, equities analysts expect that Alvotech will post 0.06 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. grew its holdings in shares of Alvotech by 40.9% during the first quarter. Goldman Sachs Group Inc. now owns 36,444 shares of the company’s stock valued at $352,000 after buying an additional 10,573 shares during the last quarter. Geode Capital Management LLC lifted its position in Alvotech by 0.7% in the 2nd quarter. Geode Capital Management LLC now owns 230,291 shares of the company’s stock valued at $2,100,000 after acquiring an additional 1,574 shares in the last quarter. Invesco Ltd. boosted its stake in Alvotech by 37.3% during the 2nd quarter. Invesco Ltd. now owns 32,398 shares of the company’s stock valued at $295,000 after purchasing an additional 8,794 shares during the last quarter. Bank of America Corp DE boosted its stake in Alvotech by 218.0% during the 2nd quarter. Bank of America Corp DE now owns 16,623 shares of the company’s stock valued at $152,000 after purchasing an additional 11,395 shares during the last quarter. Finally, Gilder Gagnon Howe & Co. LLC bought a new stake in shares of Alvotech in the 2nd quarter worth $1,782,000.

Alvotech Company Profile

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).