Alvotech (NASDAQ:ALVO) Stock Price Up 13.5% – What’s Next?

Alvotech (NASDAQ:ALVO) shares were up 13.5% on Wednesday . The company traded as high as $3.27 and last traded at $3.5180. 166,172 shares traded hands during trading, a decline of 72% from the average daily volume of 602,957 shares. The stock had previously closed at $3.10.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Weiss Ratings cut Alvotech from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, June 9th. Wall Street Zen cut shares of Alvotech from a “hold” rating to a “sell” rating in a research note on Saturday, May 23rd. Two research 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.com, the company presently has an average rating of “Hold” and an average price target of $7.60.

Alvotech Price Performance

The company has a fifty day simple moving average of $3.55 and a two-hundred day simple moving average of $3.87. The company has a market capitalization of $1.08 billion, a P/E ratio of -14.28 and a beta of 0.19.

Alvotech (NASDAQ:ALVO) last released its quarterly earnings results on Tuesday, March 31st. The company reported ($0.09) earnings per share (EPS) for the quarter. The company had revenue of $105.90 million for the quarter. Alvotech had a negative return on equity of 11.92% and a negative net margin of 14.36%. Equities analysts anticipate that Alvotech will post 0.05 earnings per share for the current year.

Institutional Investors Weigh In On Alvotech

A number of large investors have recently added to or reduced their stakes in ALVO. Goldman Sachs Group Inc. raised its position in shares of 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 purchasing an additional 10,573 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Alvotech by 0.7% during 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. boosted its holdings in shares of Alvotech by 37.3% during 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 grew its stake in Alvotech by 218.0% in the 2nd quarter. Bank of America Corp DE now owns 16,623 shares of the company’s stock valued at $152,000 after buying an additional 11,395 shares during the last quarter. Finally, Gilder Gagnon Howe & Co. LLC acquired a new position in Alvotech in the 2nd quarter valued at $1,782,000.

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).