UBS Group Lowers Alvotech (NASDAQ:ALVO) Price Target to $14.00

Alvotech (NASDAQ:ALVO - Get Free Report) had its price target decreased by UBS Group from $16.00 to $14.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a "buy" rating on the stock. UBS Group's price objective indicates a potential upside of 61.22% from the company's previous close.

Alvotech Trading Up 0.5%

Shares of ALVO traded up $0.04 during midday trading on Friday, reaching $8.68. 139,493 shares of the company were exchanged, compared to its average volume of 159,594. The stock has a 50-day moving average price of $9.75 and a 200-day moving average price of $10.52. The company has a market cap of $2.62 billion, a price-to-earnings ratio of 23.47 and a beta of 0.11. Alvotech has a 1-year low of $7.35 and a 1-year high of $13.70.

Alvotech (NASDAQ:ALVO - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.17) by $0.52. Alvotech had a negative return on equity of 36.37% and a net margin of 16.42%. Equities research analysts anticipate that Alvotech will post -0.07 earnings per share for the current year.

Hedge Funds Weigh In On Alvotech

Hedge funds have recently bought and sold shares of the business. Royce & Associates LP lifted its stake in shares of Alvotech by 21.4% in the fourth quarter. Royce & Associates LP now owns 159,000 shares of the company's stock valued at $2,104,000 after buying an additional 28,000 shares during the period. Vanguard Group Inc. grew its holdings in Alvotech by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 3,196,923 shares of the company's stock worth $40,905,000 after acquiring an additional 23,799 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Alvotech by 1,158.5% during the fourth quarter. JPMorgan Chase & Co. now owns 21,508 shares of the company's stock worth $285,000 after purchasing an additional 19,799 shares in the last quarter. Geode Capital Management LLC lifted its position in Alvotech by 4.0% in the 4th quarter. Geode Capital Management LLC now owns 217,587 shares of the company's stock valued at $2,879,000 after acquiring an additional 8,330 shares in the last quarter. Finally, ADAR1 Capital Management LLC bought a new stake in Alvotech during the 4th quarter worth about $273,000.

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.