Alvotech (NASDAQ:ALVO) Shares Gap Down – What’s Next?

Alvotech (NASDAQ:ALVO) gapped down before the market opened on Tuesday . The stock had previously closed at $4.24, but opened at $3.85. Alvotech shares last traded at $3.9890, with a volume of 1,709,729 shares changing hands.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ALVO. UBS Group reduced their price target on Alvotech from $10.00 to $6.00 and set a “buy” rating for the company in a research report on Tuesday, March 24th. Weiss Ratings downgraded shares of Alvotech from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, June 9th. Zacks Research upgraded shares of Alvotech from a “strong sell” rating to a “hold” rating in a report on Thursday, March 19th. Wall Street Zen downgraded shares of Alvotech from a “hold” rating to a “sell” rating in a report on Saturday, May 23rd. Finally, Barclays reduced their target price on shares of Alvotech from $5.00 to $4.00 and set an “underweight” rating for the company in a report on Tuesday, March 24th. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $7.60.

Alvotech Trading Down 5.5%

The company has a 50-day moving average of $3.54 and a 200-day moving average of $4.23. The company has a market capitalization of $1.21 billion, a price-to-earnings ratio of -16.02 and a beta of 0.21.

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Goldman Sachs Group Inc. increased its holdings in Alvotech by 40.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 36,444 shares of the company’s stock worth $352,000 after buying an additional 10,573 shares during the period. Geode Capital Management LLC increased its holdings in Alvotech by 0.7% in the 2nd quarter. Geode Capital Management LLC now owns 230,291 shares of the company’s stock worth $2,100,000 after buying an additional 1,574 shares during the period. Invesco Ltd. increased its holdings in Alvotech by 37.3% in the 2nd quarter. Invesco Ltd. now owns 32,398 shares of the company’s stock worth $295,000 after buying an additional 8,794 shares during the period. Bank of America Corp DE increased its holdings in Alvotech by 218.0% in the 2nd quarter. Bank of America Corp DE now owns 16,623 shares of the company’s stock worth $152,000 after buying an additional 11,395 shares during the period. Finally, Gilder Gagnon Howe & Co. LLC acquired a new position in Alvotech in the 2nd quarter worth approximately $1,782,000.

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).