Alvotech (NASDAQ:ALVO) Upgraded at Zacks Research

Key Points

• Alvotech has been upgraded by Zacks Research from a "hold" rating to a "strong-buy" rating.
• The stock currently has a consensus rating of "Moderate Buy" with an average price target of $14.00.
• Alvotech reported a quarterly EPS of $0.14, exceeding the consensus estimate by $0.40, despite revenue falling short of expectations.

Alvotech (NASDAQ:ALVO - Get Free Report) was upgraded by Zacks Research from a "hold" rating to a "strong-buy" rating in a research note issued on Monday,Zacks.com reports.

ALVO has been the topic of several other reports. UBS Group lowered their price target on shares of Alvotech from $16.00 to $14.00 and set a "buy" rating on the stock in a report on Friday, July 18th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Alvotech in a research report on Wednesday, October 8th. 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 report on Tuesday, September 23rd. Finally, Morgan Stanley set a $14.00 price objective on shares of Alvotech and gave the stock an "overweight" rating in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $14.00.

Alvotech Stock Performance

NASDAQ:ALVO opened at $8.50 on Monday. Alvotech has a one year low of $7.35 and a one year high of $13.70. The firm has a market cap of $2.56 billion, a price-to-earnings ratio of 36.96 and a beta of 0.10. The firm's fifty day moving average is $8.28 and its two-hundred day moving average is $8.91.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of ALVO. China Universal Asset Management Co. Ltd. boosted its stake in Alvotech by 6.9% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 60,472 shares of the company's stock worth $585,000 after acquiring an additional 3,896 shares during the last quarter. Royce & Associates LP raised its holdings in Alvotech by 7.6% during the 1st quarter. Royce & Associates LP now owns 171,043 shares of the company's stock worth $1,654,000 after buying an additional 12,043 shares during the period. Vanguard Group Inc. raised its holdings in Alvotech by 31.1% during the 1st quarter. Vanguard Group Inc. now owns 4,192,461 shares of the company's stock worth $40,306,000 after buying an additional 995,538 shares during the period. Wolverine Asset Management LLC raised its holdings in Alvotech by 24.7% during the 1st quarter. Wolverine Asset Management LLC now owns 9,286 shares of the company's stock worth $90,000 after buying an additional 1,838 shares during the period. Finally, Invesco Ltd. raised its holdings in Alvotech by 110.6% during the 1st quarter. Invesco Ltd. now owns 23,604 shares of the company's stock worth $228,000 after buying an additional 12,394 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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