Alvotech (NASDAQ:ALVO) Now Covered by Bank of America

Equities researchers at Bank of America assumed coverage on shares of Alvotech (NASDAQ:ALVO) in a research report issued on Monday,Benzinga reports. The firm set a “buy” rating and a $7.00 price target on the stock. Bank of America‘s price target indicates a potential upside of 58.01% from the company’s current price.

Other research analysts have also issued reports about the company. Weiss Ratings lowered Alvotech from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, June 9th. Evercore started coverage on Alvotech in a research note on Friday, August 14th. They issued an “outperform” rating for the company. Finally, Wall Street Zen downgraded Alvotech from a “hold” rating to a “sell” rating in a report on Saturday, May 23rd. Four research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Alvotech presently has an average rating of “Hold” and a consensus target price of $7.50.

Alvotech Price Performance

Shares of NASDAQ ALVO opened at $4.43 on Monday. The business’s fifty day moving average price is $3.66 and its two-hundred day moving average price is $3.73. The firm has a market capitalization of $1.34 billion, a PE ratio of -7.26 and a beta of 0.18. Alvotech has a 1-year low of $2.94 and a 1-year high of $9.25.

Alvotech (NASDAQ:ALVO) last issued its quarterly earnings data on Thursday, August 20th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.06). The business had revenue of $105.77 million for the quarter, compared to analyst estimates of $103.00 million. Alvotech had a negative return on equity of 11.92% and a negative net margin of 36.31%. Equities research analysts expect that Alvotech will post 0.05 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ALVO. Magnetar Financial LLC acquired a new stake in Alvotech in the 3rd quarter worth approximately $86,000. Orion Porfolio Solutions LLC bought a new position in shares of Alvotech in the third quarter valued at approximately $92,000. ProShare Advisors LLC lifted its stake in shares of 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. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Alvotech by 25.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,211 shares of the company’s stock worth $78,000 after buying an additional 3,110 shares during the last quarter. Finally, Bank of America Corp DE boosted its holdings in shares of Alvotech by 218.0% during the 2nd quarter. Bank of America Corp DE now owns 16,623 shares of the company’s stock worth $152,000 after buying an additional 11,395 shares during the period.

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).