Alvotech (NASDAQ:ALVO) Announces Earnings Results

Alvotech (NASDAQ:ALVO) announced its quarterly earnings data on Wednesday. The company reported $999.00 EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $999.07, Zacks reports. Alvotech had a negative return on equity of 11.92% and a net margin of 4.74%.

Alvotech Stock Up 2.0%

ALVO stock traded up $0.07 during trading hours on Wednesday, hitting $3.57. The company’s stock had a trading volume of 467,845 shares, compared to its average volume of 492,247. The stock has a 50 day moving average price of $3.63 and a two-hundred day moving average price of $4.83. Alvotech has a 12 month low of $3.03 and a 12 month high of $11.85. The company has a market capitalization of $1.08 billion, a PE ratio of 35.70 and a beta of 0.21.

Institutional Investors Weigh In On Alvotech

Several institutional investors and hedge funds have recently modified their holdings of ALVO. Invesco Ltd. increased its position in Alvotech by 57.5% during the fourth quarter. Invesco Ltd. now owns 73,360 shares of the company’s stock worth $376,000 after buying an additional 26,784 shares during the last quarter. Millennium Management LLC raised its holdings in Alvotech by 1,707.7% during the fourth quarter. Millennium Management LLC now owns 357,176 shares of the company’s stock valued at $1,832,000 after buying an additional 337,417 shares in the last quarter. Stifel Financial Corp bought a new stake in shares of Alvotech during the 4th quarter worth about $108,000. Jane Street Group LLC bought a new stake in shares of Alvotech during the 4th quarter worth about $474,000. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Alvotech by 88.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 259,536 shares of the company’s stock valued at $1,331,000 after acquiring an additional 122,089 shares during the last quarter.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Zacks Research upgraded shares of Alvotech from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 19th. Barclays decreased their target price on shares of Alvotech from $5.00 to $4.00 and set an “underweight” rating for the company in a research note on Tuesday, March 24th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Alvotech in a research note on Monday, April 20th. UBS Group reduced their price objective on Alvotech from $10.00 to $6.00 and set a “buy” rating for the company in a research report on Tuesday, March 24th. Finally, Wall Street Zen upgraded Alvotech from a “sell” rating to a “hold” rating in a research note on Saturday, April 18th. Two 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. According to data from MarketBeat, the stock has an average 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).