Alvotech (NASDAQ:ALVO) Receives Average Rating of “Reduce” from Brokerages

Shares of Alvotech (NASDAQ:ALVO) have been assigned a consensus recommendation of “Reduce” from the six research firms that are presently covering the stock, MarketBeat reports. Three investment analysts have rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating on the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $8.60.

Several equities research analysts recently issued reports on ALVO shares. UBS Group decreased their price target on Alvotech from $13.00 to $10.00 and set a “buy” rating for the company in a report on Tuesday, November 18th. Barclays began coverage on shares of Alvotech in a report on Monday, December 8th. They set an “underweight” rating and a $5.00 price objective on the stock. Wall Street Zen lowered shares of Alvotech from a “hold” rating to a “sell” rating in a research note on Saturday, November 22nd. Zacks Research downgraded shares of Alvotech from a “hold” rating to a “strong sell” rating in a report on Wednesday, February 18th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Alvotech in a research report on Wednesday, January 21st.

Alvotech Stock Down 3.6%

ALVO stock opened at $4.01 on Monday. Alvotech has a twelve month low of $3.65 and a twelve month high of $11.85. The stock’s 50 day moving average is $4.76 and its 200-day moving average is $6.19. The firm has a market capitalization of $1.21 billion, a PE ratio of 17.43 and a beta of 0.16.

Hedge Funds Weigh In On Alvotech

Hedge funds and other institutional investors have recently modified their holdings of the business. Norges Bank purchased a new stake in shares of Alvotech during the second quarter valued at approximately $1,656,000. Wolverine Asset Management LLC boosted its position in Alvotech by 158.8% in the second quarter. Wolverine Asset Management LLC now owns 24,028 shares of the company’s stock worth $219,000 after purchasing an additional 14,742 shares during the last quarter. Legal & General Group Plc grew its stake in Alvotech by 17.0% in the 2nd quarter. Legal & General Group Plc now owns 657,742 shares of the company’s stock valued at $6,028,000 after purchasing an additional 95,331 shares during the period. ProShare Advisors LLC grew its stake in Alvotech by 24.0% in the 4th quarter. ProShare Advisors LLC now owns 13,826 shares of the company’s stock valued at $71,000 after purchasing an additional 2,675 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its position 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.

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).