Alvotech (NASDAQ:ALVO) Downgraded by Zacks Research to Hold

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 stock analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued to clients and investors on Monday,Zacks.com reports.

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

Alvotech Price Performance

Shares of Alvotech stock traded down $0.02 on Monday, reaching $8.45. The company had a trading volume of 469,269 shares, compared to its average volume of 458,067. The firm has a market cap of $2.55 billion, a price-to-earnings ratio of 36.74 and a beta of 0.11. The firm's 50-day moving average price is $8.89 and its two-hundred day moving average price is $9.80. Alvotech has a 1 year low of $7.35 and a 1 year high of $13.70.

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

Hedge Funds Weigh In On Alvotech

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in Alvotech by 31.1% during the 1st quarter. Vanguard Group Inc. now owns 4,192,461 shares of the company's stock valued at $40,306,000 after acquiring an additional 995,538 shares during the period. PointState Capital LP boosted its holdings in Alvotech by 64.1% during the 4th quarter. PointState Capital LP now owns 1,241,379 shares of the company's stock valued at $16,423,000 after acquiring an additional 484,826 shares during the period. Legal & General Group Plc lifted its holdings in shares of Alvotech by 17.0% in the 2nd quarter. Legal & General Group Plc now owns 657,742 shares of the company's stock worth $6,028,000 after buying an additional 95,331 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Alvotech by 0.7% in 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 during the period. Finally, Gilder Gagnon Howe & Co. LLC purchased a new stake in shares of Alvotech in the 2nd quarter worth $1,782,000.

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.