Weiss Ratings Reaffirms Sell (E+) Rating for Alvotech (NASDAQ:ALVO)

Alvotech (NASDAQ:ALVO)‘s stock had its “sell (e+)” rating reissued by equities researchers at Weiss Ratings in a research note issued to investors on Wednesday,Weiss Ratings reports.

A number of other brokerages have also recently commented on ALVO. Zacks Research cut Alvotech from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 18th. UBS Group dropped their price objective on Alvotech from $16.00 to $14.00 and set a “buy” rating for the company in a research note on Friday, July 18th. Finally, Deutsche Bank Aktiengesellschaft raised Alvotech from a “hold” rating to a “buy” rating and set a $14.00 price objective for the company in a research note on Tuesday, September 23rd. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $14.00.

Alvotech Stock Down 4.4%

Shares of ALVO opened at $8.30 on Wednesday. The business has a 50-day simple moving average of $8.31 and a two-hundred day simple moving average of $8.97. The stock has a market cap of $2.50 billion, a price-to-earnings ratio of 36.09 and a beta of 0.10. Alvotech has a 52 week low of $7.35 and a 52 week high of $13.70.

Alvotech (NASDAQ:ALVO) last issued its quarterly earnings results on Wednesday, August 13th. The company reported $0.14 EPS for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.40. The business had revenue of $116.02 million during the quarter, compared to analysts’ expectations of $120.51 million. Alvotech had a negative return on equity of 38.36% and a net margin of 11.26%. On average, equities analysts anticipate that Alvotech will post -0.07 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Alvotech

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Alvotech by 31.1% during the first quarter. Vanguard Group Inc. now owns 4,192,461 shares of the company’s stock valued at $40,306,000 after buying an additional 995,538 shares during the last quarter. Bank of America Corp DE boosted its stake in Alvotech by 19.7% during the fourth quarter. Bank of America Corp DE now owns 16,240 shares of the company’s stock valued at $215,000 after buying an additional 2,677 shares during the last quarter. Invesco Ltd. boosted its stake in Alvotech by 110.6% during the first quarter. Invesco Ltd. now owns 23,604 shares of the company’s stock valued at $228,000 after buying an additional 12,394 shares during the last quarter. Royce & Associates LP boosted its stake in Alvotech by 7.6% during the first quarter. Royce & Associates LP now owns 171,043 shares of the company’s stock valued at $1,654,000 after buying an additional 12,043 shares during the last quarter. Finally, Tempus Wealth Planning LLC boosted its stake in Alvotech by 28.2% during the second quarter. Tempus Wealth Planning LLC now owns 31,652 shares of the company’s stock valued at $289,000 after buying an additional 6,972 shares during the last quarter.

About Alvotech

Alvotech, through its subsidiaries, develops and manufactures biosimilar medicines for patients worldwide. It offers biosimilar products in the therapeutic areas of autoimmune, eye, and bone disorders, as well as cancer. The company's lead program is AVT02, a high concentration formulation biosimilar to Humira to treat various inflammatory conditions, including rheumatoid arthritis, psoriatic arthritis, Crohn's disease, ulcerative colitis, plaque psoriasis, and other indications; AVT04, a biosimilar to Stelara to treat various inflammatory conditions comprising psoriatic arthritis, Crohn's disease, ulcerative colitis, plaque psoriasis, and other indications; AVT06, a biosimilar to Eylea to treat various conditions, such as age-related macular degeneration, macular edema, and diabetic retinopathy; and AVT03, a biosimilar to Xgeva and Prolia, which is in the pre-clinical phase to treat prevent bone fracture, spinal cord compression, and the need for radiation or bone surgery in patients with certain types of cancer, as well as prevent bone loss and increase bone mass.