Alvotech (NASDAQ:ALVO) Earns Buy Rating from Analysts at Bank of America

Bank of America started coverage on shares of Alvotech (NASDAQ:ALVO) in a research note published on Monday, MarketBeat.com reports. The firm issued a buy rating and a $7.00 price objective on the stock.

A number of other research analysts have also commented on ALVO. Weiss Ratings lowered shares of Alvotech from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, June 9th. Wall Street Zen downgraded Alvotech from a “hold” rating to a “sell” rating in a research report on Saturday, May 23rd. Finally, Evercore assumed coverage on Alvotech in a research note on Friday, August 14th. They set an “outperform” rating on the stock. Four equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Alvotech presently has an average rating of “Hold” and a consensus target price of $7.50.

Alvotech Trading Down 2.8%

Shares of ALVO stock opened at $4.91 on Monday. The firm has a market capitalization of $1.48 billion, a P/E ratio of -8.05 and a beta of 0.18. Alvotech has a 1 year low of $2.94 and a 1 year high of $9.25. The firm’s fifty day simple moving average is $3.73 and its 200 day simple moving average is $3.73.

Alvotech (NASDAQ:ALVO) last issued its quarterly earnings results on Thursday, August 20th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.06). The company had revenue of $105.77 million during the quarter, compared to the consensus estimate of $103.00 million. Alvotech had a negative net margin of 36.31% and a negative return on equity of 11.92%. Equities research analysts anticipate that Alvotech will post 0.01 EPS for the current fiscal year.

Hedge Funds Weigh In On Alvotech

Hedge funds have recently made changes to their positions in the business. ProShare Advisors LLC lifted its holdings in shares of Alvotech by 24.0% during the 4th quarter. ProShare Advisors LLC now owns 13,826 shares of the company’s stock worth $71,000 after acquiring an additional 2,675 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in Alvotech by 25.7% in the fourth 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 during the period. Magnetar Financial LLC bought a new stake in Alvotech in the third quarter valued at about $86,000. Orion Porfolio Solutions LLC acquired a new position in Alvotech in the third quarter worth about $92,000. Finally, Stifel Financial Corp acquired a new position in Alvotech in the fourth quarter worth about $108,000.

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).