Alvotech (NASDAQ:ALVO) Shares Down 5.5% - Here's What Happened

Key Points

• Alvotech shares fell 5.5% on Tuesday, trading as low as $3.20, with volume well below normal at about 151,185 shares versus an average of 603,598.
• Analyst sentiment remains mixed: recent moves included upgrades and downgrades, but the overall consensus is still Hold with a price target of $7.60.
• The company reported a quarterly loss of $0.09 per share on $105.9 million in revenue, while its stock continues to trade below both its 50-day and 200-day moving averages.

Alvotech (NASDAQ:ALVO - Get Free Report)'s share price was down 5.5% during trading on Tuesday . The stock traded as low as $3.20 and last traded at $3.1950. Approximately 151,185 shares were traded during mid-day trading, a decline of 75% from the average session volume of 603,598 shares. The stock had previously closed at $3.38.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Zacks Research raised Alvotech from a "strong sell" rating to a "hold" rating in a research note on Thursday, March 19th. Wall Street Zen cut Alvotech from a "hold" rating to a "sell" rating in a report on Saturday, May 23rd. UBS Group dropped their price target on Alvotech from $10.00 to $6.00 and set a "buy" rating for the company in a research note on Tuesday, March 24th. Barclays cut their price objective on shares of Alvotech from $5.00 to $4.00 and set an "underweight" rating for the company in a report on Tuesday, March 24th. Finally, Weiss Ratings cut shares of Alvotech from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, June 9th. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Alvotech presently has a consensus rating of "Hold" and a consensus price target of $7.60.

Alvotech Stock Performance

The firm has a market cap of $983.00 million, a P/E ratio of -13.06 and a beta of 0.19. The firm's fifty day simple moving average is $3.58 and its 200 day simple moving average is $4.02.

Alvotech (NASDAQ:ALVO - Get Free Report) last issued its earnings results on Tuesday, March 31st. The company reported ($0.09) earnings per share (EPS) 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 during the quarter. On average, equities research analysts predict that Alvotech will post 0.06 earnings per share for the current year.

Institutional Trading of Alvotech

Hedge funds have recently modified their holdings of the company. Geode Capital Management LLC increased its position in Alvotech by 0.7% in the second quarter. Geode Capital Management LLC now owns 230,291 shares of the company's stock worth $2,100,000 after purchasing an additional 1,574 shares during the last quarter. ProShare Advisors LLC lifted its position in Alvotech by 24.0% during the fourth quarter. ProShare Advisors LLC now owns 13,826 shares of the company's stock valued at $71,000 after purchasing an additional 2,675 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Alvotech by 25.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,211 shares of the company's stock valued at $78,000 after purchasing an additional 3,110 shares during the last quarter. 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 worth $200,000 after buying an additional 5,697 shares in the last quarter. Finally, Amundi grew its stake in shares of Alvotech by 71.0% in the 3rd quarter. Amundi now owns 19,416 shares of the company's stock worth $167,000 after buying an additional 8,059 shares in the last quarter.

Alvotech Company Profile

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).

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