Alvotech (NASDAQ:ALVO) Rating Lowered to Strong Sell at Zacks Research

Alvotech (NASDAQ:ALVO) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Tuesday, Zacks reports.

Other equities analysts have also recently issued reports about the company. Barclays raised Alvotech from an “underweight” rating to an “overweight” rating and boosted their target price for the company from $4.00 to $8.00 in a research note on Wednesday, September 16th. 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 research note on Friday, August 14th. They issued an “outperform” rating for the company. UBS Group set a $8.00 price target on shares of Alvotech in a report on Wednesday, September 16th. Finally, Bank of America initiated coverage on shares of Alvotech in a research report on Monday, August 24th. They set a “buy” rating and a $7.00 price objective on the stock. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Alvotech currently has an average rating of “Hold” and a consensus price target of $8.50.

Alvotech Trading Up 0.2%

Alvotech stock opened at $5.13 on Tuesday. The firm has a market cap of $1.55 billion, a P/E ratio of -8.41 and a beta of 0.20. Alvotech has a 1-year low of $2.94 and a 1-year high of $8.50. The firm has a 50-day moving average of $5.24 and a 200-day moving average of $4.15.

Alvotech (NASDAQ:ALVO) last announced its quarterly earnings results on Thursday, August 20th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.06). The company had revenue of $106.00 million during the quarter, compared to the consensus estimate of $103.00 million. Research analysts forecast that Alvotech will post -0.01 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Alvotech

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Renaissance Technologies LLC grew its position in shares of Alvotech by 146.9% in the 1st quarter. Renaissance Technologies LLC now owns 63,200 shares of the company’s stock worth $217,000 after buying an additional 37,600 shares during the period. Ulland Investment Advisors LLC increased 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 worth $667,000 after acquiring an additional 5,500 shares in the last quarter. Finally, Citadel Advisors LLC bought a new position in shares of Alvotech in the 2nd quarter worth about $6,376,000.

More Alvotech News

Here are the key news stories impacting Alvotech this week:

• Positive Sentiment: The FDA approved Alvotech’s Process 2.0 for SIMLANDI manufacturing at its Reykjavik facility. The process more than doubles drug-substance output per batch while maintaining product quality, safety and efficacy. Alvotech receives FDA approval for new SIMLANDI manufacturing process
• Positive Sentiment: The higher-yield process allows Alvotech to produce the same amount of drug substance in fewer batches, freeing manufacturing capacity for other biosimilars and improving its ability to meet partner demand. The approval follows a separate recent FDA authorization for additional manufacturing capacity. Alvotech shares rise after FDA approves Simlandi manufacturing process
• Neutral Sentiment: The manufacturing approval strengthens Alvotech’s operational position and supply reliability, but the company’s broader financial benefit will depend on commercial demand, pricing, execution and the performance of its biosimilar portfolio. Alvotech wins FDA approval for manufacturing upgrade
• Negative Sentiment: Zacks added ALVO to its Rank #5, or “Strong Sell,” list. The ranking may weigh on sentiment by signaling unfavorable expectations relative to Zacks’ quantitative criteria, offsetting some of the optimism from the FDA announcement. New Strong Sell stocks for October 21st

About Alvotech

Alvotech is a biotechnology company headquartered in Reykjavík, Iceland, 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 patient access to complex treatments at potentially lower costs.

The company uses an integrated research, development and manufacturing model and concentrates on therapeutic areas including immunology, ophthalmology, oncology and bone health.