Alvotech (NASDAQ:ALVO) Trading Up 7.2% - Here's What Happened

Key Points

• Alvotech shares jumped 7.2% to $3.914 mid-day (intraday high $3.91) on volume of ~93,421 shares, about an 82% decline versus its average daily volume.
• Analysts are mixed with a consensus rating of "Hold" and an average target of $7.60; the analyst split is two Buy, two Hold and two Sell, and several firms (Barclays, UBS) recently cut targets or downgraded the stock.
• The company reported Q results showing EPS of ($0.37), missing the analysts' estimate of $0.13, while revenue of $173.2M beat estimates; Alvotech has a market cap of about $1.16B and 50-/200-day moving averages of $4.20/$5.51.

Alvotech (NASDAQ:ALVO - Get Free Report)'s stock price was up 7.2% during mid-day trading on Monday . The company traded as high as $3.91 and last traded at $3.9140. Approximately 93,421 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 530,841 shares. The stock had previously closed at $3.65.

Analysts Set New Price Targets

A number of analysts have weighed in on ALVO shares. Wall Street Zen cut Alvotech from a "hold" rating to a "sell" rating in a research report on Sunday. Weiss Ratings restated a "sell (e+)" rating on shares of Alvotech in a report on Wednesday, January 21st. Barclays lowered their price target on Alvotech from $5.00 to $4.00 and set an "underweight" rating on the stock in a report on Tuesday, March 24th. Zacks Research upgraded shares of Alvotech from a "strong sell" rating to a "hold" rating in a research note on Thursday, March 19th. Finally, UBS Group decreased 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. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $7.60.

Alvotech Stock Up 5.1%

The stock's 50-day moving average price is $4.20 and its 200 day moving average price is $5.51. The firm has a market cap of $1.16 billion, a price-to-earnings ratio of 38.33 and a beta of 0.25.

Alvotech (NASDAQ:ALVO - Get Free Report) last posted its quarterly earnings results on Wednesday, March 18th. The company reported ($0.37) earnings per share for the quarter, missing analysts' consensus estimates of $0.13 by ($0.50). Alvotech had a negative return on equity of 12.84% and a net margin of 4.74%.The business had revenue of $173.20 million for the quarter, compared to analyst estimates of $162.20 million. On average, research analysts predict that Alvotech will post -0.07 EPS for the current year.

Hedge Funds Weigh In On Alvotech

A number of institutional investors have recently modified their holdings of ALVO. State of Wyoming acquired a new stake in shares of Alvotech in the third quarter valued at approximately $54,000. ProShare Advisors LLC boosted its position in Alvotech by 24.0% in the 4th quarter. ProShare Advisors LLC now owns 13,826 shares of the company's stock valued at $71,000 after buying an additional 2,675 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Alvotech by 25.7% in the 4th 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. Magnetar Financial LLC bought a new stake in shares of Alvotech during the third quarter worth $86,000. Finally, Orion Porfolio Solutions LLC bought a new stake in shares of Alvotech during the third quarter worth $92,000.

Alvotech Company Profile

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.