Alvotech's (ALVO) Sell (E+) Rating Reiterated at Weiss Ratings

Key Points

• Alvotech's stock has been reiterated with a "sell (e+)" rating by Weiss Ratings, indicating ongoing concerns regarding the company's performance.
• A recent analysis showed mixed opinions on Alvotech, with Deutsche Bank upgrading the stock to a "buy" rating, while Zacks Research downgraded it to a "hold".
• As of the latest trading session, Alvotech's shares rose to $8.68, with a market capitalization of $2.62 billion and an average target price of $14.00.

Alvotech (NASDAQ:ALVO - Get Free Report)'s stock had its "sell (e+)" rating reiterated by equities researchers at Weiss Ratings in a research note issued on Wednesday,Weiss Ratings reports.

A number of other equities research analysts also recently commented on ALVO. Deutsche Bank Aktiengesellschaft upgraded Alvotech from a "hold" rating to a "buy" rating and set a $14.00 price objective for the company in a report on Tuesday, September 23rd. UBS Group dropped their price objective on Alvotech from $16.00 to $14.00 and set a "buy" rating for the company in a report on Friday, July 18th. Finally, Zacks Research downgraded Alvotech from a "strong-buy" rating to a "hold" rating in a report on Monday, August 18th. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Alvotech has an average rating of "Hold" and a consensus target price of $14.00.

Alvotech Price Performance

Shares of NASDAQ ALVO traded up $0.04 during midday trading on Wednesday, hitting $8.68. The stock had a trading volume of 272,196 shares, compared to its average volume of 252,222. The company's 50-day simple moving average is $8.33 and its 200 day simple moving average is $9.00. The firm has a market cap of $2.62 billion, a P/E ratio of 37.74 and a beta of 0.10. Alvotech has a fifty-two week low of $7.35 and a fifty-two week high of $13.70.

Alvotech (NASDAQ:ALVO - Get Free Report) last released its 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. The company had revenue of $116.02 million during the quarter, compared to analysts' expectations of $120.51 million. Alvotech had a negative return on equity of 38.36% and a net margin of 11.26%. Equities analysts expect that Alvotech will post -0.07 EPS for the current fiscal year.

Institutional Trading of Alvotech

A number of institutional investors have recently modified their holdings of the company. Gilder Gagnon Howe & Co. LLC bought a new stake in shares of Alvotech in the second quarter valued at about $1,782,000. Bank of America Corp DE raised its holdings in Alvotech by 218.0% during 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 in the last quarter. Invesco Ltd. raised its holdings in Alvotech by 37.3% during the second quarter. Invesco Ltd. now owns 32,398 shares of the company's stock worth $295,000 after acquiring an additional 8,794 shares in the last quarter. Norges Bank bought a new stake in Alvotech during the second quarter worth about $1,656,000. Finally, Legal & General Group Plc raised its holdings in Alvotech by 17.0% during the second quarter. Legal & General Group Plc now owns 657,742 shares of the company's stock worth $6,028,000 after acquiring an additional 95,331 shares in the last quarter.

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.

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