Alvotech (NASDAQ:ALVO) Rating Increased to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Alvotech (NASDAQ:ALVO) from a sell rating to a hold rating in a research report released on Saturday morning.

Several other equities research analysts have also commented on the stock. Morgan Stanley set a $10.00 price target on shares of Alvotech in a report on Wednesday, December 3rd. Zacks Research upgraded Alvotech from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 19th. UBS Group lowered 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. Weiss Ratings reiterated a “sell (e+)” rating on shares of Alvotech in a research report on Wednesday, January 21st. Finally, Barclays decreased their price objective on Alvotech from $5.00 to $4.00 and set an “underweight” rating on the stock in a report on Tuesday, March 24th. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Alvotech presently has an average rating of “Hold” and a consensus target price of $7.60.

Alvotech Trading Down 4.0%

Shares of ALVO stock opened at $3.11 on Friday. The stock has a market cap of $937.60 million, a P/E ratio of 31.10 and a beta of 0.16. The stock has a 50 day moving average of $4.35 and a 200 day moving average of $5.68. Alvotech has a twelve month low of $3.03 and a twelve month high of $11.85.

Alvotech (NASDAQ:ALVO) last posted its earnings results 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). Alvotech had a net margin of 4.74% and a negative return on equity of 12.84%. The firm had revenue of $173.20 million during the quarter, compared to analyst estimates of $162.20 million. On average, research analysts predict that Alvotech will post -0.07 earnings per share for the current fiscal year.

Institutional Trading of Alvotech

Hedge funds and other institutional investors have recently modified their holdings of the stock. Invesco Ltd. increased its position in Alvotech by 57.5% during the fourth quarter. Invesco Ltd. now owns 73,360 shares of the company’s stock worth $376,000 after purchasing an additional 26,784 shares during the last quarter. Millennium Management LLC increased its stake in Alvotech by 1,707.7% during the fourth quarter. Millennium Management LLC now owns 357,176 shares of the company’s stock worth $1,832,000 after purchasing an additional 337,417 shares during the period. Stifel Financial Corp purchased a new stake in Alvotech during the 4th quarter worth approximately $108,000. Jane Street Group LLC purchased a new stake in shares of Alvotech during the fourth quarter worth $474,000. Finally, Goldman Sachs Group Inc. raised its position 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 purchasing an additional 122,089 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).