Alvotech (NASDAQ:ALVO) Shares Gap Up – Time to Buy?

Shares of Alvotech (NASDAQ:ALVO) gapped up prior to trading on Tuesday. The stock had previously closed at $5.03, but opened at $5.40. Alvotech shares last traded at $5.2360, with a volume of 438,353 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts recently commented on ALVO shares. Weiss Ratings upgraded Alvotech from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, October 6th. Evercore initiated coverage on Alvotech in a report on Friday, August 14th. They issued an “outperform” rating for the company. Bank of America started coverage on Alvotech in a report on Monday, August 24th. They issued a “buy” rating and a $7.00 price target for the company. Barclays raised shares of Alvotech from an “underweight” rating to an “overweight” rating and increased their price objective for the company from $4.00 to $8.00 in a research report on Wednesday, September 16th. Finally, UBS Group set a $8.00 price objective on shares of Alvotech in a research note on Wednesday, September 16th. Four investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Alvotech has an average rating of “Hold” and a consensus target price of $8.50.

Alvotech Trading Up 3.4%

The stock has a market cap of $1.57 billion, a PE ratio of -8.50 and a beta of 0.20. The company’s 50 day moving average is $5.19 and its 200-day moving average is $4.13.

Alvotech (NASDAQ:ALVO) last issued its quarterly earnings data on Thursday, August 20th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.06). The business had revenue of $106.00 million for the quarter, compared to analysts’ expectations of $103.00 million. As a group, analysts forecast that Alvotech will post 0.01 EPS for the current year.

Institutional Trading of Alvotech

A number of hedge funds and other institutional investors have recently modified their holdings of ALVO. Ulland Investment Advisors LLC raised its stake in shares of Alvotech by 5.0% in the 3rd quarter. Ulland Investment Advisors LLC now owns 115,000 shares of the company’s stock valued at $667,000 after purchasing an additional 5,500 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of Alvotech by 146.9% during the first quarter. Renaissance Technologies LLC now owns 63,200 shares of the company’s stock worth $217,000 after purchasing an additional 37,600 shares during the last quarter. Finally, Citadel Advisors LLC acquired a new position in Alvotech in the second quarter worth about $6,376,000.

About Alvotech

Alvotech is a biotechnology company focused on developing and manufacturing biosimilar medicines. Biosimilars are biologic products designed to be highly similar to already approved reference medicines and are intended to expand access to treatments while supporting greater affordability.

The company’s pipeline includes biosimilar candidates for conditions in immunology, ophthalmology, oncology and other therapeutic areas. Its development activities cover complex biologic medicines, including treatments used for autoimmune and inflammatory diseases.