Alvotech (NASDAQ:ALVO) Stock Picked Up by Analysts at Jefferies Financial Group

Equities research analysts at Jefferies Financial Group initiated coverage on shares of Alvotech (NASDAQ:ALVO) in a research report issued to clients and investors on Tuesday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $9.00 price target on the stock. Jefferies Financial Group‘s price objective would indicate a potential upside of 91.90% from the stock’s current price.

Several other equities analysts have also weighed in on the stock. Barclays upgraded 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 report on Wednesday, September 16th. Bank of America initiated coverage on shares of Alvotech in a report on Monday, August 24th. They set a “buy” rating and a $7.00 target price for the company. Wall Street Zen cut shares of Alvotech from a “hold” rating to a “sell” rating in a research report on Saturday. UBS Group set a $8.00 price target on Alvotech in a research note on Wednesday, September 16th. Finally, Evercore assumed coverage on Alvotech in a research report on Friday, August 14th. They issued an “outperform” rating on the stock. Five equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $8.40.

Alvotech Price Performance

Alvotech stock opened at $4.69 on Tuesday. The firm has a market capitalization of $1.42 billion, a P/E ratio of -7.69 and a beta of 0.24. The stock has a fifty day moving average price of $5.28 and a two-hundred day moving average price of $4.21. Alvotech has a 52-week low of $2.94 and a 52-week high of $6.53.

Alvotech (NASDAQ:ALVO) last issued its earnings results on Thursday, August 20th. The company reported ($0.11) EPS 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 the consensus estimate of $103.00 million. On average, equities research analysts predict that Alvotech will post -0.01 EPS for the current fiscal year.

Institutional Investors Weigh In On Alvotech

Several large investors have recently bought and sold shares of the company. Citadel Advisors LLC acquired a new stake in Alvotech in the second quarter worth $6,376,000. Royce & Associates LP acquired a new position in shares of Alvotech in the 3rd quarter valued at $3,817,000. Renaissance Technologies LLC increased 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 valued at $217,000 after buying an additional 37,600 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Alvotech in the 3rd quarter valued at $100,000. Finally, China Universal Asset Management Co. Ltd. raised its stake 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 period.

Alvotech Company Profile