Alvotech (NASDAQ:ALVO) Shares Gap Up After Analyst Upgrade

Alvotech (NASDAQ:ALVO)’s stock price gapped up prior to trading on Tuesday after Deutsche Bank Aktiengesellschaft upgraded the stock from a hold rating to a buy rating. The stock had previously closed at $8.01, but opened at $8.35. Deutsche Bank Aktiengesellschaft now has a $14.00 price target on the stock. Alvotech shares last traded at $9.21, with a volume of 549,735 shares traded.

Several other analysts have also weighed in on the stock. UBS Group lowered their target price on shares of Alvotech from $16.00 to $14.00 and set a “buy” rating for the company in a research note on Friday, July 18th. Zacks Research lowered shares of Alvotech from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 18th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $14.00.

Hedge Funds Weigh In On Alvotech

Several institutional investors have recently modified their holdings of ALVO. BNP Paribas Financial Markets bought a new position in shares of Alvotech during the fourth quarter worth about $66,000. GF Fund Management CO. LTD. bought a new position in shares of Alvotech during the fourth quarter worth about $74,000. Wolverine Asset Management LLC grew its position in shares of Alvotech by 24.7% during the first quarter. Wolverine Asset Management LLC now owns 9,286 shares of the company’s stock worth $90,000 after acquiring an additional 1,838 shares during the last quarter. Bank of America Corp DE grew its position in shares of Alvotech by 218.0% during the second quarter. Bank of America Corp DE now owns 16,623 shares of the company’s stock worth $152,000 after acquiring an additional 11,395 shares during the last quarter. Finally, ProShare Advisors LLC bought a new position in shares of Alvotech during the fourth quarter worth about $167,000.

Alvotech Stock Up 8.6%

The firm’s 50-day moving average price is $8.47 and its 200 day moving average price is $9.20. The firm has a market cap of $2.62 billion, a P/E ratio of 37.83 and a beta of 0.10.

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

About Alvotech

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.