Alvotech (NASDAQ:ALVO) Cut to Strong Sell at Zacks Research

Zacks Research downgraded shares of Alvotech (NASDAQ:ALVO) from a hold rating to a strong sell rating in a research note released on Wednesday,Zacks.com reports.

Other research analysts have also issued reports about the company. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $8.00 price target (down from $14.00) on shares of Alvotech in a research report on Tuesday, November 4th. Wall Street Zen lowered Alvotech from a “hold” rating to a “sell” rating in a research report on Saturday, November 22nd. Morgan Stanley set a $10.00 price objective on shares of Alvotech in a research note on Wednesday, December 3rd. Northland Securities set a $10.00 target price on shares of Alvotech in a research note on Tuesday, November 4th. Finally, UBS Group decreased their price target on shares of Alvotech from $13.00 to $10.00 and set a “buy” rating for the company in a report on Tuesday, November 18th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus target price of $8.60.

Alvotech Stock Performance

Shares of ALVO stock opened at $4.14 on Wednesday. Alvotech has a 52-week low of $4.07 and a 52-week high of $12.38. The stock has a market cap of $1.25 billion, a PE ratio of 18.00 and a beta of 0.12. The firm’s 50 day moving average price is $4.97 and its two-hundred day moving average price is $6.50.

Hedge Funds Weigh In On Alvotech

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Millennium Management LLC raised its stake 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 purchasing an additional 337,417 shares during the period. Gilder Gagnon Howe & Co. LLC acquired a new stake in Alvotech in the 2nd quarter valued at approximately $1,782,000. Norges Bank acquired a new stake in Alvotech in the 2nd quarter valued at approximately $1,656,000. Goldman Sachs Group Inc. lifted its stake in Alvotech by 88.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 259,536 shares of the company’s stock valued at $1,331,000 after acquiring an additional 122,089 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Alvotech by 2.7% during the 3rd quarter. Vanguard Group Inc. now owns 4,348,151 shares of the company’s stock worth $35,481,000 after acquiring an additional 114,255 shares in the last quarter.

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).