Alvotech (NASDAQ:ALVO) Trading Down 6.7% – What’s Next?

Alvotech (NASDAQ:ALVO)’s share price fell 6.7% during trading on Monday . The company traded as low as $3.85 and last traded at $3.8420. 111,867 shares traded hands during trading, a decline of 82% from the average session volume of 629,706 shares. The stock had previously closed at $4.12.

Analysts Set New Price Targets

Several brokerages recently weighed in on ALVO. Wall Street Zen downgraded Alvotech from a “hold” rating to a “sell” rating in a research report on Saturday, May 23rd. Weiss Ratings downgraded Alvotech from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, June 9th. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $7.60.

Alvotech Trading Down 8.6%

The firm has a market cap of $1.14 billion, a P/E ratio of -15.06 and a beta of 0.18. The business has a 50-day moving average of $3.57 and a two-hundred day moving average of $3.86.

Alvotech (NASDAQ:ALVO) last posted its earnings results on Tuesday, March 31st. The company reported ($0.09) EPS for the quarter. Alvotech had a negative net margin of 14.36% and a negative return on equity of 11.92%. The firm had revenue of $105.90 million during the quarter. As a group, equities analysts expect that Alvotech will post 0.05 EPS for the current year.

Institutional Trading of Alvotech

Institutional investors have recently modified their holdings of the business. Geode Capital Management LLC raised its position in Alvotech by 0.7% during the 2nd quarter. Geode Capital Management LLC now owns 230,291 shares of the company’s stock worth $2,100,000 after purchasing an additional 1,574 shares during the last quarter. Bank of America Corp DE lifted its holdings in 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. JPMorgan Chase & Co. grew its position in shares of Alvotech by 30.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 24,455 shares of the company’s stock valued at $200,000 after buying an additional 5,697 shares during the last quarter. ProShare Advisors LLC grew its position in shares of Alvotech by 24.0% in the 4th quarter. ProShare Advisors LLC now owns 13,826 shares of the company’s stock valued at $71,000 after buying an additional 2,675 shares during the last quarter. Finally, Renaissance Technologies LLC increased its stake in shares of Alvotech by 146.9% in the first 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 during the period.

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).