Alvotech (NASDAQ:ALVO) Upgraded at Zacks Research

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

Other equities analysts also recently issued research reports about the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Alvotech in a research note on Wednesday, October 8th. Morgan Stanley set a $14.00 price objective on Alvotech and gave the stock an “overweight” rating in a report on Tuesday. UBS Group cut their target price on Alvotech from $16.00 to $14.00 and set a “buy” rating on the stock in a research report on Friday, July 18th. Finally, Deutsche Bank Aktiengesellschaft upgraded Alvotech from a “hold” rating to a “buy” rating and set a $14.00 target price on the stock in a report on Tuesday, September 23rd. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $14.00.

Alvotech Trading Up 5.6%

Alvotech stock opened at $8.98 on Monday. The firm has a market capitalization of $2.71 billion, a P/E ratio of 39.04 and a beta of 0.10. The stock has a fifty day moving average price of $8.29 and a 200 day moving average price of $8.91. Alvotech has a 52 week low of $7.35 and a 52 week high of $13.70.

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

Institutional Trading of Alvotech

A number of hedge funds have recently made changes to their positions in the company. Wolverine Asset Management LLC lifted 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 purchasing an additional 1,838 shares in the last quarter. Bank of America Corp DE lifted its holdings in Alvotech by 218.0% in the 2nd quarter. Bank of America Corp DE now owns 16,623 shares of the company’s stock worth $152,000 after buying an additional 11,395 shares in the last quarter. Invesco Ltd. boosted its position in Alvotech by 110.6% in the 1st quarter. Invesco Ltd. now owns 23,604 shares of the company’s stock valued at $228,000 after buying an additional 12,394 shares during the last quarter. Vident Advisory LLC grew its stake in shares of Alvotech by 24.7% during the first quarter. Vident Advisory LLC now owns 25,281 shares of the company’s stock valued at $244,000 after acquiring an additional 5,009 shares in the last quarter. Finally, Tempus Wealth Planning LLC increased its position in shares of Alvotech by 28.2% during the second quarter. Tempus Wealth Planning LLC now owns 31,652 shares of the company’s stock worth $289,000 after acquiring an additional 6,972 shares during the last quarter.

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.