Alvotech (NASDAQ:ALVO - Get Free Report) had its target price decreased by UBS Group from $16.00 to $14.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a "buy" rating on the stock. UBS Group's price target points to a potential upside of 62.22% from the company's current price.
Alvotech Price Performance
Shares of NASDAQ:ALVO traded down $0.10 during trading hours on Friday, hitting $8.63. 235,520 shares of the company's stock traded hands, compared to its average volume of 159,259. Alvotech has a 1 year low of $7.35 and a 1 year high of $13.70. The business has a fifty day moving average price of $9.75 and a 200-day moving average price of $10.54. The firm has a market capitalization of $2.60 billion, a P/E ratio of 23.32 and a beta of 0.11.
Alvotech (NASDAQ:ALVO - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of ($0.17) by $0.52. Alvotech had a net margin of 16.42% and a negative return on equity of 36.37%. As a group, equities analysts predict that Alvotech will post -0.07 earnings per share for the current year.
Institutional Investors Weigh In On Alvotech
Several hedge funds have recently added to or reduced their stakes in ALVO. BNP Paribas Financial Markets purchased a new position in Alvotech in the 4th quarter valued at about $66,000. GF Fund Management CO. LTD. purchased a new position in Alvotech in the 4th quarter valued at about $74,000. Wolverine Asset Management LLC lifted its stake in Alvotech by 24.7% in the 1st quarter. Wolverine Asset Management LLC now owns 9,286 shares of the company's stock valued at $90,000 after buying an additional 1,838 shares in the last quarter. Invesco Ltd. purchased a new position in Alvotech in the 4th quarter valued at about $148,000. Finally, ProShare Advisors LLC purchased a new position in Alvotech in the 4th quarter valued at about $167,000.
Alvotech Company Profile
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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.
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