Alvotech (NASDAQ:ALVO) Trading Up 9.1% – Here’s What Happened

Alvotech (NASDAQ:ALVO) shares traded up 9.1% on Thursday . The company traded as high as $3.39 and last traded at $3.4260. 55,397 shares were traded during trading, a decline of 89% from the average session volume of 496,439 shares. The stock had previously closed at $3.14.

Analyst Ratings Changes

A number of research analysts recently issued reports on ALVO shares. Zacks Research upgraded shares of Alvotech from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 19th. UBS Group decreased their target price on shares of Alvotech from $10.00 to $6.00 and set a “buy” rating for the company in a research report on Tuesday, March 24th. Wall Street Zen downgraded shares of Alvotech from a “hold” rating to a “sell” rating in a research report on Saturday, May 23rd. Weiss Ratings raised Alvotech from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, May 11th. Finally, Barclays decreased their price target on Alvotech from $5.00 to $4.00 and set an “underweight” rating for the company in a report on Tuesday, March 24th. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Alvotech currently has a consensus rating of “Hold” and an average target price of $7.60.

Alvotech Stock Up 16.4%

The business’s 50-day simple moving average is $3.42 and its two-hundred day simple moving average is $4.30. The firm has a market cap of $1.10 billion, a price-to-earnings ratio of -14.74 and a beta of 0.21.

Alvotech (NASDAQ:ALVO) last issued its quarterly earnings data on Tuesday, March 31st. The company reported ($0.09) earnings per share for the quarter. The firm had revenue of $105.90 million during the quarter. Alvotech had a negative return on equity of 11.92% and a negative net margin of 14.36%. On average, analysts expect that Alvotech will post 0.02 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. State of Wyoming acquired a new position in shares of Alvotech in the third quarter worth about $54,000. ProShare Advisors LLC raised its position 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 acquiring an additional 2,675 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its position 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 acquiring an additional 3,110 shares during the period. Magnetar Financial LLC acquired a new position in shares of Alvotech in the third quarter worth about $86,000. Finally, Ulland Investment Advisors LLC acquired a new position in shares of Alvotech in the third quarter worth about $92,000.

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).