Alvotech (NASDAQ:ALVO) Stock Price Down 7.8% - Here's What Happened

Key Points

• Alvotech shares fell 7.8% in Wednesday trading, dropping to as low as $3.24 after closing at $3.52 the prior day, with volume running well above average.
• Analyst sentiment has softened, with recent downgrades and lower price targets from firms including Wall Street Zen, Barclays, UBS, and Weiss Ratings. The stock now carries an average Hold rating and a consensus price target of $7.60.
• Fundamentals remain challenged: Alvotech recently reported a quarterly loss of $0.09 per share on $105.9 million in revenue, while the company continues to post negative margins and return on equity.

Alvotech (NASDAQ:ALVO - Get Free Report)'s share price fell 7.8% during mid-day trading on Wednesday . The stock traded as low as $3.24 and last traded at $3.2450. Approximately 922,223 shares traded hands during trading, an increase of 53% from the average daily volume of 601,939 shares. The stock had previously closed at $3.52.

Wall Street Analysts Forecast Growth

ALVO has been the subject of a number of research analyst reports. Wall Street Zen downgraded Alvotech from a "hold" rating to a "sell" rating in a research report on Saturday, May 23rd. Barclays dropped their price target on shares of Alvotech from $5.00 to $4.00 and set an "underweight" rating on the stock in a research note on Tuesday, March 24th. UBS Group cut their price objective on shares of Alvotech from $10.00 to $6.00 and set a "buy" rating for the company in a report on Tuesday, March 24th. Finally, Weiss Ratings lowered shares of Alvotech from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Tuesday, June 9th. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $7.60.

Alvotech Stock Performance

The stock has a market cap of $970.31 million, a P/E ratio of -12.86 and a beta of 0.19. The stock has a 50-day moving average price of $3.57 and a 200-day moving average price of $3.94.

Alvotech (NASDAQ:ALVO - Get Free Report) last posted its quarterly earnings data on Tuesday, March 31st. The company reported ($0.09) earnings per share for the quarter. The company had revenue of $105.90 million for the quarter. Alvotech had a negative net margin of 14.36% and a negative return on equity of 11.92%. Sell-side analysts forecast that Alvotech will post 0.05 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC lifted its stake in shares of Alvotech by 0.7% in the 2nd quarter. Geode Capital Management LLC now owns 230,291 shares of the company's stock valued at $2,100,000 after acquiring an additional 1,574 shares during the last quarter. ProShare Advisors LLC boosted its holdings in Alvotech by 24.0% in the fourth quarter. ProShare Advisors LLC now owns 13,826 shares of the company's stock valued at $71,000 after acquiring an additional 2,675 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of 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 buying an additional 3,110 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Alvotech by 30.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 24,455 shares of the company's stock worth $200,000 after acquiring an additional 5,697 shares during the period. Finally, Amundi grew its stake in Alvotech by 71.0% in the third quarter. Amundi now owns 19,416 shares of the company's stock worth $167,000 after purchasing an additional 8,059 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.