Alvotech (NASDAQ:ALVO) Posts Earnings Results, Misses Expectations By $0.02 EPS

Alvotech (NASDAQ:ALVO) posted its quarterly earnings results on Wednesday. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.02), Zacks reports. The firm had revenue of $105.94 million for the quarter, compared to analyst estimates of $112.39 million. Alvotech had a negative return on equity of 11.92% and a negative net margin of 14.36%.

Alvotech Stock Performance

ALVO stock traded up $0.01 during midday trading on Friday, reaching $3.21. 98,915 shares of the company’s stock traded hands, compared to its average volume of 490,368. Alvotech has a 52 week low of $3.03 and a 52 week high of $11.85. The company has a 50-day moving average price of $3.60 and a two-hundred day moving average price of $4.76. The firm has a market capitalization of $967.30 million, a PE ratio of -12.82 and a beta of 0.21.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on ALVO shares. Wall Street Zen raised shares of Alvotech from a “sell” rating to a “hold” rating in a report on Saturday, April 18th. UBS Group lowered their price objective on shares of Alvotech from $10.00 to $6.00 and set a “buy” rating for the company in a research report on Tuesday, March 24th. Zacks Research upgraded shares of Alvotech from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 19th. Barclays decreased their target price on shares of Alvotech from $5.00 to $4.00 and set an “underweight” rating on the stock in a research note on Tuesday, March 24th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Alvotech in a research note on Monday, April 20th. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $7.60.

Institutional Trading of Alvotech

A number of hedge funds have recently made changes to their positions in the stock. Goldman Sachs Group Inc. grew its position in Alvotech by 40.9% in the first quarter. Goldman Sachs Group Inc. now owns 36,444 shares of the company’s stock worth $352,000 after acquiring an additional 10,573 shares in the last quarter. Geode Capital Management LLC lifted its stake in Alvotech by 0.7% during the second quarter. Geode Capital Management LLC now owns 230,291 shares of the company’s stock worth $2,100,000 after purchasing an additional 1,574 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Alvotech by 37.3% in the 2nd quarter. Invesco Ltd. now owns 32,398 shares of the company’s stock worth $295,000 after purchasing an additional 8,794 shares in the last quarter. Bank of America Corp DE increased its position in shares of Alvotech by 218.0% during the 2nd quarter. Bank of America Corp DE now owns 16,623 shares of the company’s stock valued at $152,000 after purchasing an additional 11,395 shares during the last quarter. Finally, Gilder Gagnon Howe & Co. LLC bought a new position in shares of Alvotech during the 2nd quarter valued at about $1,782,000.

Alvotech Company Profile

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).