Alvotech (NASDAQ:ALVO) Stock Price Down 1.5% - What's Next?

Alvotech (NASDAQ:ALVO - Get Free Report)'s share price dropped 1.5% during mid-day trading on Monday . The company traded as low as $8.58 and last traded at $8.59. Approximately 245,543 shares changed hands during mid-day trading, a decline of 42% from the average daily volume of 423,202 shares. The stock had previously closed at $8.72.

Wall Street Analysts Forecast Growth

ALVO has been the subject of a number of analyst reports. 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. Zacks Research raised shares of Alvotech from a "hold" rating to a "strong-buy" rating in a research report on Monday, October 13th. UBS Group decreased their price objective on shares of 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 target price on Alvotech and gave the company an "overweight" rating in a research note on Tuesday, October 14th. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of Alvotech in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $14.00.

Alvotech Stock Performance

The firm has a market cap of $2.59 billion, a P/E ratio of 37.35 and a beta of 0.10. The business's 50-day simple moving average is $8.30 and its 200 day simple moving average is $8.89.

Alvotech (NASDAQ:ALVO - Get Free Report) last released its quarterly earnings results on Wednesday, August 13th. The company reported $0.14 earnings per share for the quarter, beating 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 firm had revenue of $116.02 million for the quarter, compared to analysts' expectations of $120.51 million. As a group, equities research analysts expect that Alvotech will post -0.07 EPS for the current year.

Hedge Funds Weigh In On Alvotech

Institutional investors have recently made changes to their positions in the business. Wolverine Asset Management LLC grew its position 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 during the period. Bank of America Corp DE raised its position in Alvotech by 218.0% in the second quarter. Bank of America Corp DE now owns 16,623 shares of the company's stock worth $152,000 after acquiring an additional 11,395 shares during the period. Invesco Ltd. boosted its stake in shares of Alvotech by 110.6% during the 1st quarter. Invesco Ltd. now owns 23,604 shares of the company's stock worth $228,000 after acquiring an additional 12,394 shares during the last quarter. Vident Advisory LLC grew its position in shares of Alvotech by 24.7% during the 1st 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 during the period. Finally, Tempus Wealth Planning LLC grew its position in shares of Alvotech by 28.2% during the 2nd 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 during the period.

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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