Alvotech (NASDAQ:ALVO) Shares Up 7.1% - Here's Why

Key Points

• Alvotech's share price increased by 7.1%, trading at $8.59 after reaching a high of $8.90, with an increased trading volume of approximately 275,401 shares.
• UBS Group revised its target price for Alvotech from $16.00 to $14.00 but maintained a "buy" rating.
• Alvotech reported a quarterly earnings per share (EPS) of $0.14, significantly beating analysts' estimates of ($0.26), although revenue fell short of expectations at $116.02 million.

Alvotech (NASDAQ:ALVO - Get Free Report)'s share price shot up 7.1% during trading on Monday . The company traded as high as $8.90 and last traded at $8.59. 275,401 shares were traded during mid-day trading, an increase of 26% from the average session volume of 218,861 shares. The stock had previously closed at $8.02.

Analyst Ratings Changes

A number of brokerages have recently commented on ALVO. UBS Group dropped their target price on Alvotech from $16.00 to $14.00 and set a "buy" rating for the company in a report on Friday, July 18th. Zacks Research lowered Alvotech from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 18th. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, Alvotech has a consensus rating of "Moderate Buy" and a consensus target price of $14.00.

Alvotech Trading Down 0.2%

The stock has a 50-day simple moving average of $8.89 and a two-hundred day simple moving average of $9.82. The firm has a market capitalization of $2.55 billion, a P/E ratio of 36.74 and a beta of 0.11.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ALVO. Geode Capital Management LLC increased its holdings in shares of Alvotech by 0.7% in the second quarter. Geode Capital Management LLC now owns 230,291 shares of the company's stock valued at $2,100,000 after purchasing an additional 1,574 shares during the period. Wolverine Asset Management LLC increased its holdings in shares of Alvotech by 24.7% in the first quarter. Wolverine Asset Management LLC now owns 9,286 shares of the company's stock valued at $90,000 after purchasing an additional 1,838 shares during the period. Bank of America Corp DE increased its holdings in shares of Alvotech by 19.7% in the fourth quarter. Bank of America Corp DE now owns 16,240 shares of the company's stock valued at $215,000 after purchasing an additional 2,677 shares during the period. China Universal Asset Management Co. Ltd. increased its holdings in shares of Alvotech by 6.9% in the first quarter. China Universal Asset Management Co. Ltd. now owns 60,472 shares of the company's stock valued at $585,000 after purchasing an additional 3,896 shares during the period. Finally, BNP Paribas Financial Markets acquired a new position in shares of Alvotech in the fourth quarter valued at about $66,000.

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.