Alvotech (NASDAQ:ALVO) Lowered to Hold Rating by Zacks Research

Key Points

• Alvotech has been downgraded from a "strong-buy" to a "hold" rating by Zacks Research, reflecting a shift in analyst sentiment.
• Multiple analysts, including UBS and Morgan Stanley, have set a price target of $14.00 for Alvotech's stock, indicating varying levels of investor confidence.
• The company's stock recently opened at $8.23, showing a decline of 3.4%, while its 52-week span ranges from a low of $7.35 to a high of $13.70.

Alvotech (NASDAQ:ALVO - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Several other equities analysts have also commented on the stock. UBS Group dropped 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. Morgan Stanley set a $14.00 price objective on shares of Alvotech and gave the stock an "overweight" rating in a research note on Tuesday, October 14th. Deutsche Bank Aktiengesellschaft upgraded shares of Alvotech from a "hold" rating to a "buy" rating and set a $14.00 price objective for the company in a research note on Tuesday, September 23rd. Finally, Weiss Ratings reiterated a "sell (e+)" rating on shares of Alvotech in a research note on Wednesday, October 8th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $14.00.

Alvotech Trading Down 3.4%

ALVO stock opened at $8.23 on Tuesday. The company has a market cap of $2.48 billion, a P/E ratio of 35.78 and a beta of 0.10. Alvotech has a 52 week low of $7.35 and a 52 week high of $13.70. The company's 50-day moving average price is $8.28 and its 200 day moving average price is $8.88.

Alvotech (NASDAQ:ALVO - Get Free Report) last released its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $120.51 million. Alvotech had a net margin of 11.26% and a negative return on equity of 38.36%. On average, equities research analysts expect that Alvotech will post -0.07 earnings per share for the current year.

Institutional Trading of Alvotech

Institutional investors have recently added to or reduced their stakes in the stock. Wolverine Asset Management LLC raised its holdings in Alvotech by 24.7% in the first quarter. Wolverine Asset Management LLC now owns 9,286 shares of the company's stock valued at $90,000 after acquiring an additional 1,838 shares in the last quarter. Bank of America Corp DE raised its holdings in Alvotech by 218.0% in the second quarter. Bank of America Corp DE now owns 16,623 shares of the company's stock valued at $152,000 after acquiring an additional 11,395 shares in the last quarter. Invesco Ltd. raised its holdings in Alvotech by 110.6% in the first quarter. Invesco Ltd. now owns 23,604 shares of the company's stock valued at $228,000 after acquiring an additional 12,394 shares in the last quarter. Vident Advisory LLC raised its holdings in Alvotech by 24.7% in the first quarter. Vident Advisory LLC now owns 25,281 shares of the company's stock valued at $244,000 after acquiring an additional 5,009 shares in the last quarter. Finally, Tempus Wealth Planning LLC raised its holdings in Alvotech by 28.2% in the second quarter. Tempus Wealth Planning LLC now owns 31,652 shares of the company's stock valued at $289,000 after acquiring an additional 6,972 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.

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