Alvotech (NASDAQ:ALVO) Stock Price Down 9.5% – Here’s What Happened

Alvotech (NASDAQ:ALVO) shares dropped 9.5% during trading on Tuesday . The stock traded as low as $3.48 and last traded at $3.4290. Approximately 371,462 shares traded hands during trading, a decline of 30% from the average daily volume of 533,778 shares. The stock had previously closed at $3.79.

Analyst Ratings Changes

ALVO has been the subject of several research reports. UBS Group dropped their price objective on shares of Alvotech from $10.00 to $6.00 and set a “buy” rating for the company in a report on Tuesday, March 24th. Wall Street Zen downgraded shares of Alvotech from a “hold” rating to a “sell” rating in a report on Sunday. Zacks Research raised shares of Alvotech from a “strong sell” rating to a “hold” rating in a report on Thursday, March 19th. Barclays lowered their price target on shares of Alvotech from $5.00 to $4.00 and set an “underweight” rating for the company in a report on Tuesday, March 24th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Alvotech in a report on Wednesday, January 21st. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $7.60.

Alvotech Stock Performance

The stock’s fifty day moving average is $4.17 and its 200 day moving average is $5.48. The stock has a market cap of $1.03 billion, a P/E ratio of 34.05 and a beta of 0.25.

Alvotech (NASDAQ:ALVO) last announced its quarterly earnings results on Wednesday, March 18th. The company reported ($0.37) EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.50). Alvotech had a net margin of 4.74% and a negative return on equity of 12.84%. The business had revenue of $173.20 million during the quarter, compared to the consensus estimate of $162.20 million. Equities research analysts predict that Alvotech will post -0.07 EPS for the current year.

Institutional Trading of Alvotech

Several institutional investors have recently added to or reduced their stakes in ALVO. State of Wyoming bought a new stake in Alvotech in the third quarter worth about $54,000. ProShare Advisors LLC lifted its stake in Alvotech by 24.0% in the fourth quarter. ProShare Advisors LLC now owns 13,826 shares of the company’s stock worth $71,000 after purchasing an additional 2,675 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in Alvotech by 25.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,211 shares of the company’s stock worth $78,000 after purchasing an additional 3,110 shares during the last quarter. Magnetar Financial LLC bought a new stake in Alvotech in the third quarter worth about $86,000. Finally, Orion Porfolio Solutions LLC bought a new stake in Alvotech in the third quarter worth about $92,000.

About Alvotech

Alvotech (NASDAQ:ALVO) is a global biopharmaceutical company specializing in the development, manufacturing and commercialization of biosimilar medicines. The company focuses on creating high‐quality, cost‐effective alternatives to established biologic therapies in areas such as immunology, oncology and other specialty care fields. By leveraging in‐house research and a vertically integrated manufacturing platform, Alvotech aims to bring approved biosimilars to market more rapidly and with greater cost efficiency than many traditional biosimilar developers.

Since its founding in 2013, Alvotech has built a diversified pipeline of monoclonal antibody biosimilars, targeting blockbuster reference products including adalimumab (originally branded Humira), bevacizumab (Avastin) and ustekinumab (Stelara).