Alvotech (NASDAQ:ALVO) Receives Consensus Recommendation of “Reduce” from Brokerages

Shares of Alvotech (NASDAQ:ALVO) have been given an average rating of “Reduce” by the six research firms that are covering the stock, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation and two have given a buy recommendation to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $8.60.

ALVO has been the topic of a number of research analyst reports. Wall Street Zen lowered Alvotech from a “hold” rating to a “sell” rating in a report on Saturday, November 22nd. Zacks Research lowered shares of Alvotech from a “hold” rating to a “strong sell” rating in a research report on Thursday, November 20th. UBS Group dropped their price target 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. Northland Securities set a $10.00 price target on shares of Alvotech in a research note on Tuesday, November 4th. Finally, Barclays started coverage on shares of Alvotech in a research note on Monday, December 8th. They set an “underweight” rating and a $5.00 price objective on the stock.

Institutional Trading of Alvotech

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Alvotech by 31.1% during the first 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 in the last quarter. Invesco Ltd. lifted its holdings 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 acquiring an additional 12,394 shares during the last quarter. Vident Advisory LLC boosted its position in shares of 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. boosted its position in shares of 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 grew its stake in shares of 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 purchasing an additional 6,972 shares during the last quarter.

Alvotech Trading Down 6.7%

Shares of NASDAQ:ALVO opened at $5.04 on Wednesday. The firm’s 50 day moving average is $6.35 and its two-hundred day moving average is $7.95. The firm has a market capitalization of $1.52 billion, a P/E ratio of 21.91 and a beta of 0.13. Alvotech has a 52 week low of $4.32 and a 52 week high of $13.70.

Alvotech (NASDAQ:ALVO) last issued its quarterly earnings data on Wednesday, November 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.07). The business had revenue of $113.95 million during the quarter, compared to the consensus estimate of $116.80 million. Alvotech had a negative return on equity of 26.10% and a net margin of 12.12%. Analysts predict that Alvotech will post -0.07 EPS 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.