Alvotech (NASDAQ:ALVO) Stock Rating Cut to “Sell” at Wall Street Zen

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

Other equities research analysts have also recently issued reports about the stock. Bank of America began coverage on shares of Alvotech in a research report on Monday, August 24th. They issued a “buy” rating and a $7.00 target price for the company. UBS Group set a $8.00 price target on Alvotech in a research note on Wednesday, September 16th. Evercore assumed coverage on shares of Alvotech in a report on Friday, August 14th. They set an “outperform” rating on the stock. Barclays raised Alvotech from an “underweight” rating to an “overweight” rating and boosted their target price for the stock from $4.00 to $8.00 in a research report on Wednesday, September 16th. Finally, Zacks Research downgraded shares of Alvotech from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 20th. Four analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $8.25.

Alvotech Trading Up 6.8%

Shares of ALVO opened at $4.86 on Friday. The stock has a 50-day moving average price of $5.29 and a 200-day moving average price of $4.22. The company has a market cap of $1.47 billion, a PE ratio of -7.97 and a beta of 0.24. Alvotech has a 12-month low of $2.94 and a 12-month high of $6.53.

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

Institutional Investors Weigh In On Alvotech

A number of large investors have recently modified their holdings of ALVO. Citadel Advisors LLC purchased a new position in shares of Alvotech during the second quarter worth $6,376,000. Ulland Investment Advisors LLC raised its stake in shares of Alvotech by 5.0% in the third quarter. Ulland Investment Advisors LLC now owns 115,000 shares of the company’s stock valued at $667,000 after acquiring an additional 5,500 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Alvotech by 146.9% in the first quarter. Renaissance Technologies LLC now owns 63,200 shares of the company’s stock worth $217,000 after acquiring an additional 37,600 shares during the last quarter. China Universal Asset Management Co. Ltd. lifted its holdings in Alvotech by 24.3% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 61,712 shares of the company’s stock worth $365,000 after buying an additional 12,049 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in Alvotech in the third quarter valued at approximately $100,000.

Alvotech Company Profile

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.