Alvotech (NASDAQ:ALVO) Stock Price Up 6.8% – Here’s What Happened

Alvotech (NASDAQ:ALVO) traded up 6.8% during trading on Wednesday . The stock traded as high as $5.00 and last traded at $5.1350. 194,304 shares changed hands during trading, a decline of 42% from the average session volume of 335,882 shares. The stock had previously closed at $4.81.

Wall Street Analyst Weigh In

Several brokerages recently commented on ALVO. Barclays started coverage on shares of Alvotech in a research note on Monday, December 8th. They issued an “underweight” rating and a $5.00 price objective for the company. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $8.00 price objective (down from $14.00) on shares of Alvotech in a research note on Tuesday, November 4th. Weiss Ratings reissued a “sell (e+)” rating on shares of Alvotech in a report on Wednesday, October 8th. UBS Group decreased their price objective on shares of Alvotech from $13.00 to $10.00 and set a “buy” rating on the stock in a research report on Tuesday, November 18th. Finally, Morgan Stanley set a $10.00 price target on shares of Alvotech in a report on Wednesday, December 3rd. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Alvotech presently has a consensus rating of “Hold” and an average target price of $8.60.

Alvotech Stock Up 8.6%

The company has a 50 day moving average of $6.00 and a 200 day moving average of $7.74. The stock has a market capitalization of $1.58 billion, a price-to-earnings ratio of 22.72 and a beta of 0.13.

Alvotech (NASDAQ:ALVO) last posted its quarterly earnings data on Wednesday, November 12th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.07). The company had revenue of $113.95 million for the quarter, compared to analyst estimates of $116.80 million. Alvotech had a net margin of 12.12% and a negative return on equity of 26.10%. On average, research analysts forecast that Alvotech will post -0.07 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Alvotech

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of Alvotech by 31.1% during the 1st quarter. Vanguard Group Inc. now owns 4,192,461 shares of the company’s stock valued at $40,306,000 after buying an additional 995,538 shares during the period. Invesco Ltd. boosted its stake in shares of Alvotech by 110.6% in the first quarter. Invesco Ltd. now owns 23,604 shares of the company’s stock valued at $228,000 after purchasing an additional 12,394 shares during the period. Vident Advisory LLC grew its holdings in Alvotech by 24.7% during the 1st quarter. Vident Advisory LLC now owns 25,281 shares of the company’s stock valued at $244,000 after purchasing an additional 5,009 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in Alvotech by 40.9% during the 1st 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 in the last quarter. Finally, Tempus Wealth Planning LLC lifted its holdings in Alvotech by 28.2% in the 2nd quarter. Tempus Wealth Planning LLC now owns 31,652 shares of the company’s stock worth $289,000 after buying an additional 6,972 shares in 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).