Alvotech (NASDAQ:ALVO) Stock Has Consensus Target Price of $8.25

Shares of Alvotech (NASDAQ:ALVO) have been assigned a consensus recommendation of “Hold” from the six analysts that are currently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation and four have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $8.25.

Several research firms have weighed in on ALVO. Zacks Research cut Alvotech from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 20th. UBS Group set a $8.00 price objective on Alvotech in a research report on Wednesday, September 16th. Weiss Ratings cut shares of Alvotech from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, October 23rd. Wall Street Zen downgraded Alvotech from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, Bank of America began coverage on Alvotech in a report on Monday, August 24th. They issued a “buy” rating and a $7.00 price target on the stock.

Alvotech Stock Up 6.8%

Shares of NASDAQ ALVO opened at $4.86 on Friday. The stock’s 50 day moving average price is $5.29 and its two-hundred day moving average price is $4.22. Alvotech has a 52-week low of $2.94 and a 52-week high of $6.53. The stock has a market capitalization of $1.47 billion, a P/E ratio of -7.97 and a beta of 0.24.

Alvotech (NASDAQ:ALVO) last announced its earnings results on Thursday, August 20th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.06). The business had revenue of $106.00 million during the quarter, compared to analysts’ expectations of $103.00 million. On average, analysts anticipate that Alvotech will post -0.01 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ALVO. ProShare Advisors LLC purchased a new position in shares of Alvotech in the 3rd quarter worth about $68,000. Commonwealth Equity Services LLC bought a new position in shares of Alvotech during the 3rd quarter valued at $69,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Alvotech during the third quarter worth about $100,000. Renaissance Technologies LLC grew its holdings in shares of 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 period. Finally, China Universal Asset Management Co. Ltd. lifted its holdings in shares of Alvotech by 24.3% during the third quarter. China Universal Asset Management Co. Ltd. now owns 61,712 shares of the company’s stock valued at $365,000 after purchasing an additional 12,049 shares during the last quarter.

Alvotech Company Profile

Alvotech is a biotechnology company headquartered in Reykjavík, Iceland, focused on developing and manufacturing biosimilar medicines. Biosimilars are biologic products designed to be highly similar to already approved reference medicines and are intended to expand patient access to complex treatments at potentially lower costs.

The company uses an integrated research, development and manufacturing model and concentrates on therapeutic areas including immunology, ophthalmology, oncology and bone health.