Alvotech (NASDAQ:ALVO) Raised to Hold at Wall Street Zen

Alvotech (NASDAQ:ALVO) was upgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued on Saturday, Wall Street Zen reports.

ALVO has been the topic of several other research reports. Bank of America assumed coverage on Alvotech in a report on Monday, August 24th. They issued a “buy” rating and a $7.00 target price on the stock. Zacks Research downgraded Alvotech from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 20th. UBS Group set a $8.00 target price on Alvotech in a research report on Wednesday, September 16th. Weiss Ratings raised Alvotech from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, October 6th. Finally, Barclays upgraded Alvotech from an “underweight” rating to an “overweight” rating and boosted their target price for the stock from $4.00 to $8.00 in a research note on Wednesday, September 16th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Alvotech currently has an average rating of “Hold” and an average price target of $8.50.

Alvotech Price Performance

Shares of NASDAQ:ALVO opened at $4.58 on Friday. Alvotech has a fifty-two week low of $2.94 and a fifty-two week high of $8.50. The firm’s 50 day moving average price is $5.27 and its 200 day moving average price is $4.16. The stock has a market cap of $1.38 billion, a price-to-earnings ratio of -7.51 and a beta of 0.20.

Alvotech (NASDAQ:ALVO) last announced its quarterly earnings data on Thursday, August 20th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.06). The business had revenue of $106.00 million for the quarter, compared to the consensus estimate of $103.00 million. On average, equities analysts anticipate that Alvotech will post -0.01 EPS for the current year.

Institutional Trading of Alvotech

Several institutional investors and hedge funds have recently made changes to their positions in ALVO. Citadel Advisors LLC purchased a new position in Alvotech during the 2nd quarter worth approximately $6,376,000. Ulland Investment Advisors LLC lifted its stake in Alvotech by 5.0% in the third quarter. Ulland Investment Advisors LLC now owns 115,000 shares of the company’s stock valued at $667,000 after buying an additional 5,500 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its stake in Alvotech by 146.9% in the first quarter. Renaissance Technologies LLC now owns 63,200 shares of the company’s stock valued at $217,000 after buying an additional 37,600 shares during the last quarter.

Alvotech Company Profile

Alvotech is a biotechnology company headquartered in Reykjavík, Iceland, focused on developing and manufacturing biosimilar medicines. Biosimilars are biologic products designed to be highly similar to already approved reference medicines and are intended to expand patient access to complex treatments at potentially lower costs.

The company uses an integrated research, development and manufacturing model and concentrates on therapeutic areas including immunology, ophthalmology, oncology and bone health.