Alvotech (NASDAQ:ALVO) Announces Earnings Results

Alvotech (NASDAQ:ALVO - Get Free Report) announced its quarterly earnings data on Wednesday. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.07) by ($0.02), Zacks reports. Alvotech had a negative return on equity of 11.92% and a negative net margin of 14.36%.The firm had revenue of $105.94 million for the quarter, compared to analyst estimates of $112.39 million.

Alvotech Stock Down 10.4%

Shares of ALVO stock opened at $3.20 on Friday. The firm has a market capitalization of $965.79 million, a P/E ratio of -12.80 and a beta of 0.21. Alvotech has a twelve month low of $3.03 and a twelve month high of $11.85. The stock's fifty day simple moving average is $3.60 and its 200 day simple moving average is $4.76.

Analyst Ratings Changes

ALVO has been the subject of a number of recent analyst reports. 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 report on Tuesday, March 24th. Wall Street Zen raised shares of Alvotech from a "sell" rating to a "hold" rating in a research note on Saturday, April 18th. Weiss Ratings restated a "sell (e+)" rating on shares of Alvotech in a research report on Monday, April 20th. UBS Group cut their target price on Alvotech from $10.00 to $6.00 and set a "buy" rating for the company in a research note on Tuesday, March 24th. Finally, Zacks Research upgraded Alvotech from a "strong sell" rating to a "hold" rating in a research note on Thursday, March 19th. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $7.60.

Hedge Funds Weigh In On Alvotech

Large investors have recently bought and sold shares of the company. Jane Street Group LLC bought a new stake in shares of Alvotech during the fourth quarter worth about $474,000. Goldman Sachs Group Inc. increased its stake in shares of Alvotech by 88.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 259,536 shares of the company's stock valued at $1,331,000 after buying an additional 122,089 shares during the period. Geode Capital Management LLC raised its holdings in Alvotech by 10.7% in the 4th quarter. Geode Capital Management LLC now owns 254,921 shares of the company's stock valued at $1,308,000 after buying an additional 24,667 shares during the last quarter. Citadel Advisors LLC bought a new position in Alvotech in the 3rd quarter valued at approximately $346,000. Finally, Gilder Gagnon Howe & Co. LLC acquired a new stake in Alvotech during the 2nd quarter worth approximately $1,782,000.

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).