Alvotech (NASDAQ:ALVO) Trading Up 5.4% – Should You Buy?

Alvotech (NASDAQ:ALVO) shot up 5.4% during trading on Monday . The company traded as high as $5.15 and last traded at $5.2160. Approximately 208,681 shares were traded during trading, a decline of 69% from the average daily volume of 676,360 shares. The stock had previously closed at $4.95.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Wall Street Zen downgraded shares of Alvotech from a “hold” rating to a “sell” rating in a research note on Saturday, May 23rd. Weiss Ratings upgraded Alvotech from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday. Evercore began coverage on Alvotech in a research note on Friday, August 14th. They issued an “outperform” rating on the stock. Finally, Bank of America assumed coverage on Alvotech in a report on Monday, August 24th. They set a “buy” rating and a $7.00 price objective on the stock. Four research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $7.50.

Alvotech Stock Up 1.0%

The stock’s 50 day moving average is $3.83 and its two-hundred day moving average is $3.73. The company has a market capitalization of $1.58 billion, a PE ratio of -8.59 and a beta of 0.21.

Alvotech (NASDAQ:ALVO) last posted its earnings results on Thursday, August 20th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.06). Alvotech had a negative net margin of 36.31% and a negative return on equity of 11.92%. The business had revenue of $106.00 million for the quarter, compared to analysts’ expectations of $103.00 million. On average, sell-side analysts predict that Alvotech will post 0.01 EPS for the current fiscal year.

Hedge Funds Weigh In On Alvotech

Several institutional investors have recently bought and sold shares of the business. Renaissance Technologies LLC lifted its holdings in Alvotech by 146.9% during the first quarter. Renaissance Technologies LLC now owns 63,200 shares of the company’s stock worth $217,000 after buying an additional 37,600 shares during the period. Invesco Ltd. increased its holdings in shares of Alvotech by 57.5% in the 4th quarter. Invesco Ltd. now owns 73,360 shares of the company’s stock valued at $376,000 after acquiring an additional 26,784 shares during the period. Millennium Management LLC increased its holdings in shares of Alvotech by 1,707.7% in the 4th quarter. Millennium Management LLC now owns 357,176 shares of the company’s stock valued at $1,832,000 after acquiring an additional 337,417 shares during the period. Stifel Financial Corp purchased a new position in shares of Alvotech in the 4th quarter valued at $108,000. Finally, Jane Street Group LLC bought a new position in shares of Alvotech in the 4th quarter worth $474,000.

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).