Alvotech (NASDAQ:ALVO) Shares Up 3.5% – What’s Next?

Alvotech (NASDAQ:ALVO)’s share price was up 3.5% during trading on Thursday. The stock traded as high as $5.93 and last traded at $6.0130. 111,694 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 722,786 shares. The stock had previously closed at $5.81.

Analysts Set New Price Targets

ALVO has been the subject of several recent research reports. UBS Group set a $8.00 target price on shares of Alvotech in a report on Wednesday, September 16th. Barclays raised shares of Alvotech from an “underweight” rating to an “overweight” rating and increased their price target for the stock from $4.00 to $8.00 in a report on Wednesday, September 16th. Evercore began coverage on shares of Alvotech in a research report on Friday, August 14th. They set an “outperform” rating on the stock. Weiss Ratings cut shares of Alvotech from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, September 17th. Finally, Bank of America began coverage on shares of Alvotech in a research report on Monday, August 24th. They issued a “buy” rating and a $7.00 price objective for the company. Five analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $8.50.

Alvotech Stock Down 2.2%

The firm has a market capitalization of $1.74 billion, a PE ratio of -9.43 and a beta of 0.22. The stock has a 50-day moving average price of $4.53 and a 200 day moving average price of $3.89.

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 for the quarter, compared to analysts’ expectations 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, equities analysts predict that Alvotech will post 0.01 earnings per share for the current fiscal year.

Institutional Trading of Alvotech

Several institutional investors have recently modified their holdings of ALVO. ProShare Advisors LLC increased its stake 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 lifted its stake in Alvotech by 146.9% in the 1st quarter. Renaissance Technologies LLC now owns 63,200 shares of the company’s stock valued at $217,000 after buying an additional 37,600 shares in the last quarter. Finally, Citadel Advisors LLC purchased a new position in Alvotech in the 2nd quarter valued at about $6,376,000.

Alvotech Company Profile

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.