Alvotech (NASDAQ:ALVO) Stock Price Down 7.8% – What’s Next?

Alvotech (NASDAQ:ALVO)’s share price was down 7.8% on Wednesday . The stock traded as low as $3.24 and last traded at $3.2450. Approximately 922,223 shares changed hands during mid-day trading, an increase of 53% from the average session volume of 601,939 shares. The stock had previously closed at $3.52.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. UBS Group decreased 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 lowered shares of Alvotech from a “hold” rating to a “sell” rating in a research report on Saturday, May 23rd. Barclays decreased their price objective on Alvotech from $5.00 to $4.00 and set an “underweight” rating on the stock in a research note on Tuesday, March 24th. Finally, Weiss Ratings cut shares of Alvotech from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, June 9th. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $7.60.

Alvotech Stock Performance

The company has a market capitalization of $970.31 million, a P/E ratio of -12.86 and a beta of 0.19. The firm’s fifty day moving average is $3.57 and its 200 day moving average is $3.94.

Alvotech (NASDAQ:ALVO) last issued its quarterly earnings results on Tuesday, March 31st. The company reported ($0.09) earnings per share (EPS) for the quarter. Alvotech had a negative return on equity of 11.92% and a negative net margin of 14.36%.The business had revenue of $105.90 million for the quarter. On average, analysts forecast that Alvotech will post 0.05 EPS for the current year.

Institutional Investors Weigh In On Alvotech

Institutional investors and hedge funds have recently bought and sold shares of the company. ProShare Advisors LLC raised its holdings in shares of Alvotech by 24.0% in the fourth quarter. ProShare Advisors LLC now owns 13,826 shares of the company’s stock valued at $71,000 after acquiring an additional 2,675 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings 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 acquired a new position in Alvotech during the 3rd quarter valued at about $86,000. Orion Porfolio Solutions LLC acquired a new position in shares of Alvotech during the third quarter valued at about $92,000. Finally, Stifel Financial Corp purchased a new position in shares of Alvotech in the 4th quarter valued at approximately $108,000.

Alvotech Company Profile

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).