Alvotech (NASDAQ:ALVO) Announces Earnings Results, Beats Estimates By $0.01 EPS

Alvotech (NASDAQ:ALVO) released its earnings results on Wednesday. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01, Zacks reports. The firm had revenue of $111.60 million for the quarter, compared to analyst estimates of $125.20 million.

Alvotech Stock Up 0.8%

Shares of NASDAQ ALVO opened at $4.92 on Thursday. Alvotech has a 12 month low of $2.94 and a 12 month high of $6.53. The company has a market cap of $1.48 billion, a price-to-earnings ratio of -8.07 and a beta of 0.24. The business has a fifty day simple moving average of $5.27 and a 200-day simple moving average of $4.21.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on ALVO shares. Barclays raised shares of Alvotech from an “underweight” rating to an “overweight” rating and upped their price target for the company from $4.00 to $8.00 in a report on Wednesday, September 16th. Evercore began coverage on shares of Alvotech in a research note on Friday, August 14th. They issued an “outperform” rating on the stock. Bank of America began coverage on shares of Alvotech in a report on Monday, August 24th. They issued a “buy” rating and a $7.00 target price on the stock. Weiss Ratings raised shares of Alvotech from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, November 4th. Finally, Wall Street Zen lowered shares of Alvotech from a “hold” rating to a “sell” rating in a research note on Saturday, November 7th. Five analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $8.40.

Alvotech Company Profile

Alvotech is a biopharmaceutical company based in Reykjavik, Iceland, focused on developing and manufacturing biosimilars—medicines designed to be highly similar to existing biologic drugs. Its work includes biosimilars for conditions in areas such as immunology and oncology. Founded in 2013 by entrepreneur Robert Wessman, the company operates an integrated development and manufacturing platform in Iceland. Alvotech works with commercial partners to seek regulatory approval for and distribute its products in markets including the United States and Europe.