Alvotech (NASDAQ:ALVO) Stock Gets Downgrade from Wall Street Zen

Alvotech (NASDAQ:ALVO) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday, Wall Street Zen reports.

Other research analysts have also issued reports about the company. Weiss Ratings lowered Alvotech from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, October 23rd. Zacks Research cut Alvotech from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 20th. UBS Group set a $8.00 price objective on shares of Alvotech in a research note on Wednesday, September 16th. Barclays raised shares of 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 report on Wednesday, September 16th. Finally, Bank of America started coverage on shares of Alvotech in a research note on Monday, August 24th. They set a “buy” rating and a $7.00 target price for the company. Four equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $8.25.

Alvotech Price Performance

NASDAQ:ALVO opened at $4.86 on Friday. Alvotech has a 12 month low of $2.94 and a 12 month high of $6.53. The firm has a market cap of $1.47 billion, a price-to-earnings ratio of -7.97 and a beta of 0.24. The company’s 50 day moving average is $5.29 and its 200-day moving average is $4.22.

Alvotech (NASDAQ:ALVO) last posted its quarterly earnings data on Thursday, August 20th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.06). The company had revenue of $106.00 million during the quarter, compared to analyst estimates of $103.00 million. Research analysts predict that Alvotech will post -0.01 EPS for the current fiscal year.

Institutional Investors Weigh In On Alvotech

A number of institutional investors have recently added to or reduced their stakes in ALVO. Citadel Advisors LLC bought a new stake in shares of Alvotech in the 2nd quarter valued at approximately $6,376,000. Renaissance Technologies LLC lifted its position in shares of Alvotech by 146.9% during the 1st quarter. Renaissance Technologies LLC now owns 63,200 shares of the company’s stock worth $217,000 after buying an additional 37,600 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Alvotech during the 3rd quarter worth approximately $100,000. China Universal Asset Management Co. Ltd. lifted its position in shares of Alvotech by 24.3% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 61,712 shares of the company’s stock worth $365,000 after buying an additional 12,049 shares during the period. Finally, Commonwealth Equity Services LLC acquired a new stake in Alvotech in the 3rd quarter valued at $69,000.

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.