Brokerages Set Alvotech (NASDAQ:ALVO) Price Target at $7.60

Shares of Alvotech (NASDAQ:ALVO) have been assigned an average rating of “Hold” from the six analysts that are covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating on the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $7.60.

ALVO has been the subject of a number of research analyst reports. Zacks Research upgraded Alvotech from a “strong sell” rating to a “hold” rating in a report on Thursday, March 19th. UBS Group cut their price target on Alvotech from $10.00 to $6.00 and set a “buy” rating on the stock in a research note on Tuesday, March 24th. Morgan Stanley set a $10.00 price objective on Alvotech in a report on Wednesday, December 3rd. Barclays lowered their price objective on shares of Alvotech from $5.00 to $4.00 and set an “underweight” rating for the company in a research note on Tuesday, March 24th. Finally, Wall Street Zen raised shares of Alvotech from a “sell” rating to a “hold” rating in a research report on Saturday.

Alvotech Stock Performance

Alvotech stock opened at $3.11 on Friday. The company has a 50 day moving average price of $4.35 and a 200-day moving average price of $5.67. Alvotech has a fifty-two week low of $3.03 and a fifty-two week high of $11.85. The company has a market capitalization of $937.60 million, a PE ratio of 31.10 and a beta of 0.16.

Alvotech (NASDAQ:ALVO) last announced its quarterly earnings data on Wednesday, March 18th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.50). The firm had revenue of $173.20 million during the quarter, compared to the consensus estimate of $162.20 million. Alvotech had a negative return on equity of 12.84% and a net margin of 4.74%. On average, analysts forecast that Alvotech will post -0.07 earnings per share for the current year.

Hedge Funds Weigh In On Alvotech

A number of hedge funds and other institutional investors have recently modified their holdings of the business. State of Wyoming purchased a new position in Alvotech during the third quarter valued at approximately $54,000. ProShare Advisors LLC lifted its holdings in Alvotech by 24.0% during the fourth quarter. ProShare Advisors LLC now owns 13,826 shares of the company’s stock worth $71,000 after buying an additional 2,675 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in Alvotech by 25.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,211 shares of the company’s stock valued at $78,000 after acquiring an additional 3,110 shares in the last quarter. Magnetar Financial LLC bought a new stake in Alvotech during the 3rd quarter valued at $86,000. Finally, Ulland Investment Advisors LLC purchased a new position in shares of Alvotech in the 3rd quarter valued at $92,000.

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).