Alvotech (NASDAQ:ALVO) Shares Gap Up - Here's Why

Key Points

• Alvotech's shares opened at $8.30, up from a previous closing price of $7.97, and last traded at $8.38 with a trading volume of 128,323 shares.
• Analysts have set a consensus target price of $14.00 for Alvotech, with mixed ratings: three analysts rated it as a Buy, one as a Hold, and one as a Sell.
• The company recently reported earnings per share of $0.14, surpassing expectations, although total revenue missed analyst estimates with $116.02 million for the quarter.

Alvotech (NASDAQ:ALVO - Get Free Report)'s share price gapped up prior to trading on Tuesday . The stock had previously closed at $7.97, but opened at $8.30. Alvotech shares last traded at $8.38, with a volume of 128,323 shares trading hands.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. UBS Group lowered their price objective on Alvotech from $16.00 to $14.00 and set a "buy" rating for the company in a report on Friday, July 18th. Morgan Stanley set a $14.00 price objective on Alvotech and gave the company an "overweight" rating in a report on Tuesday. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Alvotech in a report on Wednesday, October 8th. Zacks Research lowered Alvotech from a "strong-buy" rating to a "hold" rating in a report on Monday, August 18th. Finally, Deutsche Bank Aktiengesellschaft raised Alvotech from a "hold" rating to a "buy" rating and set a $14.00 price objective for the company in a report on Tuesday, September 23rd. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $14.00.

Alvotech Trading Up 6.9%

The business has a 50-day moving average price of $8.28 and a 200 day moving average price of $8.91. The company has a market cap of $2.57 billion, a price-to-earnings ratio of 37.04 and a beta of 0.10.

Alvotech (NASDAQ:ALVO - Get Free Report) last announced its quarterly earnings data on Wednesday, August 13th. The company reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.26) by $0.40. Alvotech had a negative return on equity of 38.36% and a net margin of 11.26%.The business had revenue of $116.02 million during the quarter, compared to analyst estimates of $120.51 million. On average, analysts anticipate that Alvotech will post -0.07 earnings per share for the current year.

Institutional Trading of Alvotech

Several hedge funds and other institutional investors have recently modified their holdings of the company. China Universal Asset Management Co. Ltd. raised its holdings in Alvotech by 6.9% during the first quarter. China Universal Asset Management Co. Ltd. now owns 60,472 shares of the company's stock valued at $585,000 after buying an additional 3,896 shares in the last quarter. Royce & Associates LP raised its holdings in Alvotech by 7.6% during the first quarter. Royce & Associates LP now owns 171,043 shares of the company's stock valued at $1,654,000 after buying an additional 12,043 shares in the last quarter. Vanguard Group Inc. raised its holdings in Alvotech by 31.1% during the first quarter. Vanguard Group Inc. now owns 4,192,461 shares of the company's stock valued at $40,306,000 after buying an additional 995,538 shares in the last quarter. Wolverine Asset Management LLC raised its holdings in Alvotech by 24.7% during the first 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. Finally, Invesco Ltd. raised its holdings in Alvotech by 110.6% during the first quarter. Invesco Ltd. now owns 23,604 shares of the company's stock valued at $228,000 after buying an additional 12,394 shares in the last quarter.

About Alvotech

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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