Alvotech (NASDAQ:ALVO) Given Average Recommendation of “Reduce” by Analysts

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

Several brokerages recently weighed in on ALVO. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $8.00 target price (down from $14.00) on shares of Alvotech in a research note on Tuesday, November 4th. Weiss Ratings restated a “sell (e+)” rating on shares of Alvotech in a report on Wednesday, January 21st. Northland Securities set a $10.00 price objective on shares of Alvotech in a research report on Tuesday, November 4th. Wall Street Zen downgraded shares of Alvotech from a “hold” rating to a “sell” rating in a research report on Saturday, November 22nd. Finally, Morgan Stanley set a $10.00 price target on shares of Alvotech in a research note on Wednesday, December 3rd.

Institutional Trading of Alvotech

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Alvotech during the second quarter worth about $1,656,000. Wolverine Asset Management LLC raised its position in Alvotech by 158.8% during the 2nd quarter. Wolverine Asset Management LLC now owns 24,028 shares of the company’s stock worth $219,000 after buying an additional 14,742 shares during the last quarter. Ulland Investment Advisors LLC raised its position in Alvotech by 544.4% during the 4th quarter. Ulland Investment Advisors LLC now owns 72,500 shares of the company’s stock worth $372,000 after buying an additional 61,250 shares during the last quarter. Legal & General Group Plc lifted its stake in Alvotech by 17.0% during the 2nd quarter. Legal & General Group Plc now owns 657,742 shares of the company’s stock valued at $6,028,000 after acquiring an additional 95,331 shares during the period. Finally, GWN Securities Inc. purchased a new stake in shares of Alvotech in the 3rd quarter valued at $160,000.

Alvotech Trading Down 4.1%

NASDAQ ALVO opened at $3.99 on Monday. The firm’s fifty day simple moving average is $4.88 and its two-hundred day simple moving average is $6.31. The firm has a market capitalization of $1.20 billion, a P/E ratio of 17.35 and a beta of 0.16. Alvotech has a 12-month low of $3.93 and a 12-month high of $11.85.

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).