Alvotech (NASDAQ:ALVO) Posts Earnings Results, Beats Estimates By $0.40 EPS

Key Points

• Alvotech (NASDAQ:ALVO) reported earnings of $0.14 EPS, exceeding analysts' expectations of ($0.26) by $0.40.
• The company generated $116.02 million in revenue for the quarter, falling short of the anticipated $120.51 million.
• UBS Group downgraded Alvotech's price target from $16.00 to $14.00 while maintaining a "buy" rating on the stock.

Alvotech (NASDAQ:ALVO - Get Free Report) released its quarterly earnings results on Wednesday. The company reported $0.14 earnings per share for the quarter, beating the consensus estimate of ($0.26) by $0.40, Zacks reports. Alvotech had a negative return on equity of 38.36% and a net margin of 11.26%.The company had revenue of $116.02 million for the quarter, compared to analyst estimates of $120.51 million.

Alvotech Stock Performance

ALVO stock traded down $0.1980 during midday trading on Tuesday, reaching $8.8020. The company's stock had a trading volume of 263,625 shares, compared to its average volume of 226,830. The stock has a fifty day simple moving average of $9.02 and a two-hundred day simple moving average of $9.90. Alvotech has a 1 year low of $7.35 and a 1 year high of $13.70. The firm has a market capitalization of $2.65 billion, a price-to-earnings ratio of 38.30 and a beta of 0.11.

Analyst Ratings Changes

Separately, UBS Group decreased their price target on Alvotech from $16.00 to $14.00 and set a "buy" rating on the stock in a report on Friday, July 18th. One analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $14.00.

Institutional Trading of Alvotech

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of America Corp DE grew its position in shares of Alvotech by 218.0% during the 2nd quarter. Bank of America Corp DE now owns 16,623 shares of the company's stock worth $152,000 after buying an additional 11,395 shares in the last quarter. Invesco Ltd. grew its position in shares of Alvotech by 37.3% during the 2nd quarter. Invesco Ltd. now owns 32,398 shares of the company's stock worth $295,000 after buying an additional 8,794 shares in the last quarter. Goldman Sachs Group Inc. grew its position in shares of Alvotech by 40.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 36,444 shares of the company's stock worth $352,000 after buying an additional 10,573 shares in the last quarter. Gilder Gagnon Howe & Co. LLC bought a new position in shares of Alvotech during the 2nd quarter worth $1,782,000. Finally, Geode Capital Management LLC grew its position in shares of Alvotech by 0.7% during the 2nd quarter. Geode Capital Management LLC now owns 230,291 shares of the company's stock worth $2,100,000 after buying an additional 1,574 shares in the last quarter.

Alvotech Company Profile

Alvotech, through its subsidiaries, develops and manufactures biosimilar medicines for patients worldwide. It offers biosimilar products in the therapeutic areas of autoimmune, eye, and bone disorders, as well as cancer. The company's lead program is AVT02, a high concentration formulation biosimilar to Humira to treat various inflammatory conditions, including rheumatoid arthritis, psoriatic arthritis, Crohn's disease, ulcerative colitis, plaque psoriasis, and other indications; AVT04, a biosimilar to Stelara to treat various inflammatory conditions comprising psoriatic arthritis, Crohn's disease, ulcerative colitis, plaque psoriasis, and other indications; AVT06, a biosimilar to Eylea to treat various conditions, such as age-related macular degeneration, macular edema, and diabetic retinopathy; and AVT03, a biosimilar to Xgeva and Prolia, which is in the pre-clinical phase to treat prevent bone fracture, spinal cord compression, and the need for radiation or bone surgery in patients with certain types of cancer, as well as prevent bone loss and increase bone mass.