Alvotech (NASDAQ:ALVO) Shares Gap Up – Here’s What Happened

Alvotech (NASDAQ:ALVO)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $5.02, but opened at $5.40. Alvotech shares last traded at $5.4550, with a volume of 604,649 shares trading hands.

Analyst Ratings Changes

Several equities analysts have weighed in on ALVO shares. Weiss Ratings upgraded shares of Alvotech from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, August 31st. Bank of America started coverage on Alvotech in a research report on Monday, August 24th. They issued a “buy” rating and a $7.00 target price for the company. UBS Group set a $8.00 price target on Alvotech in a report on Wednesday. Barclays raised Alvotech from an “underweight” rating to an “overweight” rating and upped their price target for the company from $4.00 to $8.00 in a research report on Wednesday. Finally, Wall Street Zen downgraded Alvotech from a “hold” rating to a “sell” rating in a research note on Saturday, May 23rd. Five analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Alvotech presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.50.

Alvotech Stock Performance

The company has a market capitalization of $1.61 billion, a PE ratio of -8.71 and a beta of 0.22. The stock has a 50 day moving average price of $4.15 and a two-hundred day moving average price of $3.79.

Alvotech (NASDAQ:ALVO) last released 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 firm had revenue of $106.00 million during the quarter, compared to analyst estimates of $103.00 million. Alvotech had a negative return on equity of 11.92% and a negative net margin of 36.31%. Sell-side analysts predict that Alvotech will post 0.01 earnings per share for the current year.

Institutional Investors Weigh In On Alvotech

Large investors have recently bought and sold shares of the business. Citadel Advisors LLC acquired a new position in Alvotech during the second quarter worth $6,376,000. Renaissance Technologies LLC increased its holdings in shares of Alvotech by 146.9% during the 1st quarter. Renaissance Technologies LLC now owns 63,200 shares of the company’s stock valued at $217,000 after acquiring an additional 37,600 shares during the last quarter. Finally, ProShare Advisors LLC raised its stake in shares of Alvotech by 24.0% in 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 in the last quarter.

About Alvotech

Alvotech is a biopharmaceutical company headquartered in Reykjavik, Iceland, focused on developing and manufacturing biosimilar medicines. Its products are intended to provide alternatives to biologic therapies used to treat conditions including autoimmune diseases, cancer and eye disorders.

The company has established a pipeline spanning several therapeutic areas, with candidates targeting medicines such as ustekinumab, denosumab, secukinumab and aflibercept. Alvotech operates an integrated platform covering cell-line development, process development, analytical testing and commercial-scale manufacturing.

Founded in 2013, Alvotech serves international markets through commercial and strategic partnerships.