UBS Group Cuts Alvotech (NASDAQ:ALVO) Price Target to $6.00

Alvotech (NASDAQ:ALVO) had its price objective reduced by UBS Group from $10.00 to $6.00 in a report released on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

Other analysts have also issued research reports about the company. Zacks Research raised Alvotech from a “strong sell” rating to a “hold” rating in a report on Thursday, March 19th. Morgan Stanley set a $10.00 price objective on Alvotech in a research note on Wednesday, December 3rd. Barclays decreased their target price on shares of Alvotech from $5.00 to $4.00 and set an “underweight” rating on the stock in a research note on Tuesday. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Alvotech in a report on Wednesday, January 21st. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $7.60.

Alvotech Trading Up 3.2%

NASDAQ ALVO opened at $3.24 on Tuesday. The stock has a market cap of $976.80 million, a P/E ratio of 32.40 and a beta of 0.16. Alvotech has a 12 month low of $3.03 and a 12 month high of $11.85. The stock’s fifty day moving average price is $4.39 and its 200-day moving average price is $5.74.

Alvotech (NASDAQ:ALVO) last announced its quarterly earnings results on Wednesday, March 18th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.50). Alvotech had a net margin of 4.74% and a negative return on equity of 12.84%. The business had revenue of $173.20 million for the quarter, compared to the consensus estimate of $162.20 million. As a group, analysts forecast that Alvotech will post -0.07 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ALVO. State of Wyoming purchased a new stake in Alvotech during the 3rd quarter valued at approximately $54,000. ProShare Advisors LLC lifted its stake in Alvotech by 24.0% in the 4th 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. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Alvotech by 25.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,211 shares of the company’s stock valued at $78,000 after purchasing an additional 3,110 shares during the last quarter. Magnetar Financial LLC purchased a new position in shares of Alvotech during the third quarter valued at about $86,000. Finally, Ulland Investment Advisors LLC purchased a new position in shares of Alvotech during the third quarter valued at about $92,000.

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).