Alvotech (NASDAQ:ALVO) Stock Price Up 13.5% – Should You Buy?

Alvotech (NASDAQ:ALVO) shares were up 13.5% during trading on Wednesday . The company traded as high as $3.27 and last traded at $3.5180. Approximately 166,172 shares were traded during mid-day trading, a decline of 72% from the average session volume of 602,957 shares. The stock had previously closed at $3.10.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Weiss Ratings cut Alvotech from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, June 9th. Wall Street Zen cut Alvotech from a “hold” rating to a “sell” rating in a report on Saturday, May 23rd. Two 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’s stock. According to data from MarketBeat, Alvotech has an average rating of “Hold” and an average price target of $7.60.

Alvotech Trading Up 15.0%

The firm’s fifty day moving average price is $3.55 and its 200 day moving average price is $3.88. The stock has a market capitalization of $1.08 billion, a price-to-earnings ratio of -14.23 and a beta of 0.19.

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

Hedge Funds Weigh In On Alvotech

Several hedge funds have recently bought and sold shares of ALVO. ProShare Advisors LLC boosted its holdings in Alvotech by 24.0% during the 4th 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 during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in Alvotech by 25.7% during 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 period. Magnetar Financial LLC acquired a new stake in shares of Alvotech during the third quarter worth about $86,000. Orion Porfolio Solutions LLC acquired a new stake in shares of Alvotech during the third quarter worth about $92,000. Finally, Stifel Financial Corp purchased a new position in shares of Alvotech in the fourth 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).