Alvotech (NASDAQ:ALVO) Shares Gap Down – Time to Sell?

Shares of Alvotech (NASDAQ:ALVO) gapped down before the market opened on Thursday . The stock had previously closed at $3.57, but opened at $3.31. Alvotech shares last traded at $3.2080, with a volume of 176,443 shares traded.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ALVO. Barclays reduced their price objective on Alvotech from $5.00 to $4.00 and set an “underweight” rating for the company in a research report on Tuesday, March 24th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Alvotech in a research report on Monday, April 20th. Zacks Research upgraded Alvotech from a “strong sell” rating to a “hold” rating in a report on Thursday, March 19th. UBS Group dropped their target price on Alvotech from $10.00 to $6.00 and set a “buy” rating on the stock in a report on Tuesday, March 24th. Finally, Wall Street Zen upgraded Alvotech from a “sell” rating to a “hold” rating in a report on Saturday, April 18th. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned 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 Stock Down 10.5%

The firm has a market cap of $964.27 million, a P/E ratio of 31.95 and a beta of 0.21. The firm has a fifty day moving average of $3.62 and a 200-day moving average of $4.80.

Alvotech (NASDAQ:ALVO) last released its earnings results on Wednesday, May 6th. The company reported $999.00 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $999.07. Alvotech had a negative return on equity of 11.92% and a net margin of 4.74%.The business had revenue of $105.94 million for the quarter, compared to analyst estimates of $112.39 million. On average, equities analysts forecast that Alvotech will post 0.01 EPS for the current year.

Hedge Funds Weigh In On Alvotech

Institutional investors have recently bought and sold shares of the business. State of Wyoming acquired a new position in Alvotech during the third quarter worth approximately $54,000. Magnetar Financial LLC acquired a new position in Alvotech during the third quarter worth approximately $86,000. ProShare Advisors LLC acquired a new position in Alvotech during the third quarter worth approximately $91,000. Ulland Investment Advisors LLC acquired a new position in Alvotech during the third quarter worth approximately $92,000. Finally, Orion Porfolio Solutions LLC acquired a new position in Alvotech during the third quarter worth approximately $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).