Alvotech (NASDAQ:ALVO) Sees Unusually-High Trading Volume - Should You Buy?

Key Points

• Alvotech shares saw unusually high trading volume on Thursday, with about 740,220 shares changing hands, up 23% from the prior session. The stock was last seen at $3.15, slightly below its previous close of $3.19.
• Analyst sentiment is mixed: recent downgrades came from Wall Street Zen and Weiss Ratings, while the overall consensus from analysts remains Hold with an average target price of $7.60.
• The company’s latest earnings showed a loss of $0.09 per share on revenue of $105.9 million, and analysts currently expect Alvotech to post $0.05 EPS for the current year.

Alvotech (NASDAQ:ALVO - Get Free Report) shares saw unusually-high trading volume on Thursday . Approximately 740,220 shares traded hands during trading, an increase of 23% from the previous session's volume of 602,097 shares.The stock last traded at $3.15 and had previously closed at $3.19.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on ALVO. Wall Street Zen lowered Alvotech from a "hold" rating to a "sell" rating in a report on Saturday, May 23rd. Weiss Ratings lowered Alvotech from a "sell (d-)" rating to a "sell (e+)" rating in a report on Tuesday, June 9th. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $7.60.

Alvotech Stock Down 1.4%

The stock's 50-day moving average price is $3.56 and its 200 day moving average price is $3.93. The firm has a market cap of $949.19 million, a price-to-earnings ratio of -12.54 and a beta of 0.19.

Alvotech (NASDAQ:ALVO - Get Free Report) last released its earnings results on Tuesday, March 31st. The company reported ($0.09) earnings per share for the quarter. Alvotech had a negative return on equity of 11.92% and a negative net margin of 14.36%.The firm had revenue of $105.90 million for the quarter. On average, research analysts predict that Alvotech will post 0.05 EPS for the current year.

Institutional Trading of Alvotech

Several institutional investors have recently modified their holdings of ALVO. Citadel Advisors LLC acquired a new position in Alvotech in the third quarter worth about $346,000. Amundi boosted its holdings in Alvotech by 71.0% during the third quarter. Amundi now owns 19,416 shares of the company's stock valued at $167,000 after purchasing an additional 8,059 shares in the last quarter. Orion Porfolio Solutions LLC acquired a new stake in Alvotech during the third quarter valued at approximately $92,000. JPMorgan Chase & Co. grew its stake in shares of Alvotech by 30.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 24,455 shares of the company's stock valued at $200,000 after purchasing an additional 5,697 shares during the period. Finally, Bank of America Corp DE grew its stake in shares of Alvotech by 218.0% in the 2nd quarter. Bank of America Corp DE now owns 16,623 shares of the company's stock valued at $152,000 after purchasing an additional 11,395 shares during the period.

About Alvotech

Alvotech NASDAQ: ALVO is a global biopharmaceutical company specializing in the development, manufacturing and commercialization of biosimilar medicines. The company focuses on creating high‐quality, cost‐effective alternatives to established biologic therapies in areas such as immunology, oncology and other specialty care fields. By leveraging in‐house research and a vertically integrated manufacturing platform, Alvotech aims to bring approved biosimilars to market more rapidly and with greater cost efficiency than many traditional biosimilar developers.

Since its founding in 2013, Alvotech has built a diversified pipeline of monoclonal antibody biosimilars, targeting blockbuster reference products including adalimumab (originally branded Humira), bevacizumab (Avastin) and ustekinumab (Stelara).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.