Alvotech (NASDAQ:ALVO) Cut to Hold at Zacks Research

Zacks Research cut shares of Alvotech (NASDAQ:ALVO) from a strong-buy rating to a hold rating in a report published on Monday morning,Zacks.com reports.

Separately, UBS Group dropped their target price on Alvotech from $16.00 to $14.00 and set a “buy” rating on the stock in a report on Friday, July 18th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $14.00.

Alvotech Stock Performance

ALVO opened at $8.22 on Monday. Alvotech has a 52-week low of $7.35 and a 52-week high of $13.70. The stock has a market capitalization of $2.48 billion, a PE ratio of 35.74 and a beta of 0.11. The stock’s 50 day moving average price is $8.95 and its 200-day moving average price is $9.88.

Alvotech (NASDAQ:ALVO) last issued its quarterly earnings results on Wednesday, August 13th. The company reported $0.14 earnings per share for the quarter, topping the consensus estimate of ($0.26) by $0.40. The company had revenue of $116.02 million for the quarter, compared to analysts’ expectations of $120.51 million. Alvotech had a negative return on equity of 38.36% and a net margin of 11.26%. Research analysts forecast that Alvotech will post -0.07 EPS for the current fiscal year.

Institutional Trading of Alvotech

Several institutional investors have recently made changes to their positions in the business. BNP Paribas Financial Markets bought a new position in Alvotech during the fourth quarter valued at approximately $66,000. GF Fund Management CO. LTD. purchased a new stake in shares of Alvotech in the fourth quarter worth approximately $74,000. Wolverine Asset Management LLC raised its holdings in shares of Alvotech by 24.7% in the first quarter. Wolverine Asset Management LLC now owns 9,286 shares of the company’s stock worth $90,000 after buying an additional 1,838 shares during the period. Invesco Ltd. purchased a new stake in shares of Alvotech in the fourth quarter worth approximately $148,000. Finally, ProShare Advisors LLC purchased a new stake in shares of Alvotech in the fourth quarter worth approximately $167,000.

Alvotech Company Profile

Alvotech, through its subsidiaries, develops and manufactures biosimilar medicines for patients worldwide. It offers biosimilar products in the therapeutic areas of autoimmune, eye, and bone disorders, as well as cancer. The company's lead program is AVT02, a high concentration formulation biosimilar to Humira to treat various inflammatory conditions, including rheumatoid arthritis, psoriatic arthritis, Crohn's disease, ulcerative colitis, plaque psoriasis, and other indications; AVT04, a biosimilar to Stelara to treat various inflammatory conditions comprising psoriatic arthritis, Crohn's disease, ulcerative colitis, plaque psoriasis, and other indications; AVT06, a biosimilar to Eylea to treat various conditions, such as age-related macular degeneration, macular edema, and diabetic retinopathy; and AVT03, a biosimilar to Xgeva and Prolia, which is in the pre-clinical phase to treat prevent bone fracture, spinal cord compression, and the need for radiation or bone surgery in patients with certain types of cancer, as well as prevent bone loss and increase bone mass.