Analysts Set Alvotech (NASDAQ:ALVO) Target Price at $7.60

Alvotech (NASDAQ:ALVO) has received an average recommendation of “Hold” from the six research firms that are covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation, two have given a hold recommendation and two have given a buy recommendation to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $7.60.

ALVO has been the topic of a number of recent analyst reports. Zacks Research upgraded Alvotech from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 19th. Wall Street Zen cut Alvotech from a “hold” rating to a “sell” rating in a research report on Saturday. Weiss Ratings upgraded Alvotech from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, May 11th. Barclays decreased their target price on Alvotech from $5.00 to $4.00 and set an “underweight” rating on the stock in a research report on Tuesday, March 24th. Finally, UBS Group decreased their target price on Alvotech from $10.00 to $6.00 and set a “buy” rating on the stock in a research report on Tuesday, March 24th.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ALVO. Goldman Sachs Group Inc. grew its position in Alvotech by 40.9% in the first quarter. Goldman Sachs Group Inc. now owns 36,444 shares of the company’s stock valued at $352,000 after acquiring an additional 10,573 shares during the last quarter. Geode Capital Management LLC grew its position in Alvotech by 0.7% in the second quarter. Geode Capital Management LLC now owns 230,291 shares of the company’s stock valued at $2,100,000 after acquiring an additional 1,574 shares during the last quarter. Invesco Ltd. grew its position in Alvotech by 37.3% in the second quarter. Invesco Ltd. now owns 32,398 shares of the company’s stock valued at $295,000 after acquiring an additional 8,794 shares during the last quarter. Bank of America Corp DE grew its position in Alvotech by 218.0% in the second quarter. Bank of America Corp DE now owns 16,623 shares of the company’s stock valued at $152,000 after acquiring an additional 11,395 shares during the last quarter. Finally, Gilder Gagnon Howe & Co. LLC bought a new position in Alvotech in the second quarter valued at about $1,782,000.

Alvotech Stock Performance

Shares of NASDAQ ALVO opened at $3.34 on Friday. Alvotech has a 52 week low of $3.03 and a 52 week high of $11.85. The stock has a market capitalization of $1.01 billion, a P/E ratio of -13.36 and a beta of 0.21. The stock’s fifty day moving average is $3.47 and its 200 day moving average is $4.42.

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

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).