Alvotech (NASDAQ:ALVO - Get Free Report)'s share price gapped up prior to trading on Monday . The stock had previously closed at $4.43, but opened at $4.79. Alvotech shares last traded at $4.8350, with a volume of 279,488 shares traded.
Wall Street Analyst Weigh In
A number of brokerages have recently commented on ALVO. Evercore started coverage on shares of Alvotech in a research note on Friday, August 14th. They issued an "outperform" rating on the stock. Wall Street Zen downgraded 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 research report on Tuesday, June 9th. Finally, Bank of America initiated coverage on Alvotech in a research note on Monday. They set a "buy" rating and a $7.00 price objective on the stock. Four research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, Alvotech has a consensus rating of "Hold" and a consensus target price of $7.50.
Read Our Latest Analysis on Alvotech
Alvotech Price Performance
The company's 50-day simple moving average is $3.66 and its 200-day simple moving average is $3.73. The company has a market cap of $1.53 billion, a price-to-earnings ratio of -8.14 and a beta of 0.18.
Alvotech (NASDAQ:ALVO - Get Free Report) last posted its quarterly earnings data on Thursday, August 20th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.06). The firm had revenue of $105.77 million for the quarter, compared to analysts' expectations of $103.00 million. Alvotech had a negative net margin of 36.31% and a negative return on equity of 11.92%. Equities analysts predict that Alvotech will post 0.05 EPS for the current fiscal year.
Hedge Funds Weigh In On Alvotech
A number of institutional investors have recently added to or reduced their stakes in the company. Millennium Management LLC grew its position in shares of Alvotech by 1,707.7% during the fourth quarter. Millennium Management LLC now owns 357,176 shares of the company's stock worth $1,832,000 after buying an additional 337,417 shares in the last quarter. Gilder Gagnon Howe & Co. LLC bought a new stake in shares of Alvotech in the second quarter worth $1,782,000. Goldman Sachs Group Inc. raised its holdings in Alvotech by 88.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 259,536 shares of the company's stock valued at $1,331,000 after acquiring an additional 122,089 shares in the last quarter. Vanguard Group Inc. raised its holdings in Alvotech by 2.7% in the third quarter. Vanguard Group Inc. now owns 4,348,151 shares of the company's stock valued at $35,481,000 after acquiring an additional 114,255 shares in the last quarter. Finally, Jane Street Group LLC bought a new position in Alvotech during the 4th quarter valued at $474,000.
About Alvotech
(
Get Free Report)
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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