Alvotech (NASDAQ:ALVO) Stock Rating Lowered by Zacks Research

Key Points

• Zacks Research has downgraded Alvotech from a "strong-buy" rating to a "hold" rating, reflecting a shift in optimism concerning the company's stock.
• UBS Group lowered its price target for Alvotech shares from $16.00 to $14.00 while maintaining a "buy" rating, indicating a mixed sentiment among analysts.
• Alvotech recently reported earnings that exceeded consensus estimates, with an EPS of $0.14, although revenue fell short of expectations at $116.02 million.

Alvotech (NASDAQ:ALVO - Get Free Report) was downgraded by equities researchers at Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued to investors on Monday, August 18th,Zacks.com reports.

Separately, UBS Group decreased their price target on shares of Alvotech from $16.00 to $14.00 and set a "buy" rating for the company in a research report on Friday, July 18th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $14.00.

Alvotech Price Performance

ALVO stock traded up $0.03 during trading on Monday, reaching $8.48. 569,310 shares of the company were exchanged, compared to its average volume of 234,419. The company has a 50-day moving average of $8.89 and a two-hundred day moving average of $9.78. The company has a market capitalization of $2.56 billion, a price-to-earnings ratio of 36.91 and a beta of 0.11. Alvotech has a twelve month low of $7.35 and a twelve month high of $13.70.

Alvotech (NASDAQ:ALVO - Get Free Report) last announced its quarterly earnings results on Wednesday, August 13th. The company reported $0.14 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.26) by $0.40. Alvotech had a net margin of 11.26% and a negative return on equity of 38.36%. The firm had revenue of $116.02 million during the quarter, compared to analysts' expectations of $120.51 million. On average, analysts forecast that Alvotech will post -0.07 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. BNP Paribas Financial Markets bought a new position in Alvotech during the fourth quarter worth $66,000. GF Fund Management CO. LTD. bought a new position in Alvotech during the fourth quarter worth $74,000. Wolverine Asset Management LLC boosted its stake in Alvotech by 24.7% during the first quarter. Wolverine Asset Management LLC now owns 9,286 shares of the company's stock worth $90,000 after acquiring an additional 1,838 shares in the last quarter. Invesco Ltd. bought a new position in Alvotech during the fourth quarter worth $148,000. Finally, ProShare Advisors LLC bought a new position in Alvotech during the fourth quarter worth $167,000.

About Alvotech

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.