Alvotech (NASDAQ:ALVO) Lowered to Hold Rating by Zacks Research

Alvotech (NASDAQ:ALVO) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

A number of other analysts have also recently weighed in on the stock. UBS Group dropped their price objective on shares of Alvotech from $16.00 to $14.00 and set a “buy” rating on the stock in a report on Friday, July 18th. Morgan Stanley set a $14.00 target price on shares of Alvotech and gave the company an “overweight” rating in a research report on Tuesday, October 14th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Alvotech in a research report on Wednesday, October 8th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Alvotech from a “hold” rating to a “buy” rating and set a $14.00 target price for the company in a research report on Tuesday, September 23rd. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $14.00.

Alvotech Stock Performance

Shares of NASDAQ:ALVO opened at $8.23 on Tuesday. The stock has a market capitalization of $2.48 billion, a price-to-earnings ratio of 35.78 and a beta of 0.10. Alvotech has a 1-year low of $7.35 and a 1-year high of $13.70. The company’s fifty day moving average is $8.28 and its two-hundred day moving average is $8.88.

Alvotech (NASDAQ:ALVO) last issued its earnings results on Wednesday, August 13th. The company reported $0.14 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.40. The company had revenue of $116.02 million for the quarter, compared to analysts’ expectations of $120.51 million. Alvotech had a net margin of 11.26% and a negative return on equity of 38.36%. Sell-side analysts expect that Alvotech will post -0.07 EPS for the current fiscal year.

Hedge Funds Weigh In On Alvotech

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of Alvotech by 31.1% during the 1st quarter. Vanguard Group Inc. now owns 4,192,461 shares of the company’s stock valued at $40,306,000 after purchasing an additional 995,538 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of Alvotech by 110.6% in the first quarter. Invesco Ltd. now owns 23,604 shares of the company’s stock worth $228,000 after buying an additional 12,394 shares during the period. Royce & Associates LP boosted its holdings in shares of Alvotech by 7.6% in the first quarter. Royce & Associates LP now owns 171,043 shares of the company’s stock worth $1,654,000 after buying an additional 12,043 shares during the period. Tempus Wealth Planning LLC boosted its holdings in shares of Alvotech by 28.2% in the second quarter. Tempus Wealth Planning LLC now owns 31,652 shares of the company’s stock worth $289,000 after buying an additional 6,972 shares during the period. Finally, TBH Global Asset Management LLC boosted its holdings in shares of Alvotech by 16.4% in the second quarter. TBH Global Asset Management LLC now owns 35,500 shares of the company’s stock worth $324,000 after buying an additional 5,000 shares during the period.

About Alvotech

Alvotech, through its subsidiaries, develops and manufactures biosimilar medicines for patients worldwide. It offers biosimilar products in the therapeutic areas of autoimmune, eye, and bone disorders, as well as cancer. The company's lead program is AVT02, a high concentration formulation biosimilar to Humira to treat various inflammatory conditions, including rheumatoid arthritis, psoriatic arthritis, Crohn's disease, ulcerative colitis, plaque psoriasis, and other indications; AVT04, a biosimilar to Stelara to treat various inflammatory conditions comprising psoriatic arthritis, Crohn's disease, ulcerative colitis, plaque psoriasis, and other indications; AVT06, a biosimilar to Eylea to treat various conditions, such as age-related macular degeneration, macular edema, and diabetic retinopathy; and AVT03, a biosimilar to Xgeva and Prolia, which is in the pre-clinical phase to treat prevent bone fracture, spinal cord compression, and the need for radiation or bone surgery in patients with certain types of cancer, as well as prevent bone loss and increase bone mass.