Alvotech (NASDAQ:ALVO) Posts Earnings Results, Misses Estimates By $0.17 EPS

Alvotech (NASDAQ:ALVO) issued its earnings results on Wednesday. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.17), FiscalAI reports. The business had revenue of $105.77 million for the quarter, compared to analysts’ expectations of $103.00 million. Alvotech had a negative return on equity of 11.92% and a negative net margin of 14.36%.

Alvotech Price Performance

ALVO stock traded up $0.04 during trading hours on Wednesday, reaching $3.99. 534,821 shares of the stock were exchanged, compared to its average volume of 637,739. The company has a market cap of $1.20 billion, a price-to-earnings ratio of -15.96 and a beta of 0.18. The firm’s 50-day moving average is $3.66 and its 200-day moving average is $3.76. Alvotech has a 12 month low of $2.94 and a 12 month high of $9.25.

Institutional Trading of Alvotech

Institutional investors have recently modified their holdings of the company. Geode Capital Management LLC raised its stake in shares of Alvotech by 0.7% during the 2nd quarter. Geode Capital Management LLC now owns 230,291 shares of the company’s stock valued at $2,100,000 after buying an additional 1,574 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Alvotech by 30.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 24,455 shares of the company’s stock worth $200,000 after acquiring an additional 5,697 shares in the last quarter. Amundi raised its holdings in shares of Alvotech by 71.0% in the 3rd quarter. Amundi now owns 19,416 shares of the company’s stock worth $167,000 after purchasing an additional 8,059 shares in the last quarter. Invesco Ltd. boosted its holdings in Alvotech by 37.3% in the second quarter. Invesco Ltd. now owns 32,398 shares of the company’s stock worth $295,000 after purchasing an additional 8,794 shares in the last quarter. Finally, Magnetar Financial LLC bought a new stake in shares of Alvotech in the 3rd quarter valued at approximately $86,000.

Analyst Ratings Changes

ALVO has been the topic of several research analyst reports. Wall Street Zen lowered shares of Alvotech from a “hold” rating to a “sell” rating in a research report on Saturday, May 23rd. Weiss Ratings cut shares of Alvotech from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, June 9th. Finally, Evercore began coverage on shares of Alvotech in a report on Friday, August 14th. They set an “outperform” rating on the stock. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $7.60.

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).