Alvotech (NASDAQ:ALVO) Trading Up 9.2% – What’s Next?

Shares of Alvotech (NASDAQ:ALVO) shot up 9.2% during trading on Monday . The company traded as high as $3.55 and last traded at $3.5610. 97,798 shares were traded during mid-day trading, a decline of 80% from the average session volume of 489,514 shares. The stock had previously closed at $3.26.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ALVO. Barclays cut their price target 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. Wall Street Zen upgraded shares of Alvotech from a “sell” rating to a “hold” rating in a research note on Saturday, April 18th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Alvotech in a research note on Monday, April 20th. Zacks Research upgraded shares of Alvotech from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 19th. Finally, UBS Group cut their price target on shares of Alvotech from $10.00 to $6.00 and set a “buy” rating for the company in a research note on Tuesday, March 24th. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $7.60.

Alvotech Stock Up 10.0%

The stock has a market cap of $1.08 billion, a price-to-earnings ratio of -14.35 and a beta of 0.21. The business’s 50 day simple moving average is $3.60 and its 200 day simple moving average is $4.76.

Alvotech (NASDAQ:ALVO) last posted its earnings results on Tuesday, March 31st. The company reported ($0.09) earnings per share (EPS) for the quarter. The company had revenue of $105.90 million for the quarter. Alvotech had a negative return on equity of 11.92% and a negative net margin of 14.36%. Equities research analysts forecast that Alvotech will post 0.01 earnings per share for the current fiscal year.

Institutional Trading of Alvotech

A number of hedge funds have recently modified their holdings of ALVO. Millennium Management LLC lifted its stake in shares of Alvotech by 1,707.7% during the 4th quarter. Millennium Management LLC now owns 357,176 shares of the company’s stock worth $1,832,000 after buying an additional 337,417 shares during the last quarter. Gilder Gagnon Howe & Co. LLC acquired a new stake in shares of Alvotech during the 2nd quarter worth about $1,782,000. Goldman Sachs Group Inc. lifted its stake 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 worth $1,331,000 after buying an additional 122,089 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Alvotech by 2.7% during the 3rd quarter. Vanguard Group Inc. now owns 4,348,151 shares of the company’s stock worth $35,481,000 after buying an additional 114,255 shares during the last quarter. Finally, Jane Street Group LLC acquired a new stake in shares of Alvotech during the 4th quarter worth about $474,000.

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).