Alvotech (NASDAQ:ALVO) Stock Bumped Down to "Sell" by Wall Street Zen

Key Points

• Wall Street Zen downgraded Alvotech from “hold” to “sell.” Analyst views remain mixed: four rate the stock Buy and two Sell, with an average rating of “Hold” and a consensus price target of $8.25.
• Alvotech’s latest quarter showed an EPS loss of $0.11, missing estimates of a $0.05 loss, while revenue of $106 million exceeded estimates of $103 million.
• The stock opened at $4.86 and was reported up 6.8%; its 12-month trading range is $2.94 to $6.53.

Alvotech (NASDAQ:ALVO - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report released on Saturday, Wall Street Zen reports.

A number of other research firms have also recently weighed in on ALVO. UBS Group set a $8.00 price objective on shares of Alvotech in a report on Wednesday, September 16th. Weiss Ratings lowered shares of Alvotech from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Friday, October 23rd. Bank of America assumed coverage on shares of Alvotech in a report on Monday, August 24th. They set a "buy" rating and a $7.00 price objective on the stock. Evercore assumed coverage on shares of Alvotech in a report on Friday, August 14th. They issued an "outperform" rating on the stock. Finally, Barclays upgraded Alvotech from an "underweight" rating to an "overweight" rating and increased their price target for the stock from $4.00 to $8.00 in a report on Wednesday, September 16th. Four research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Alvotech presently has an average rating of "Hold" and a consensus price target of $8.25.

Alvotech Stock Up 6.8%

NASDAQ:ALVO opened at $4.86 on Friday. The stock's 50 day moving average price is $5.29 and its two-hundred day moving average price is $4.22. Alvotech has a twelve month low of $2.94 and a twelve month high of $6.53.

Alvotech (NASDAQ:ALVO - Get Free Report) last posted its quarterly earnings data on Thursday, August 20th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.06). The company had revenue of $106.00 million during the quarter, compared to analyst estimates of $103.00 million. Sell-side analysts anticipate that Alvotech will post -0.01 EPS for the current fiscal year.

Institutional Investors Weigh In On Alvotech

Several large investors have recently modified their holdings of ALVO. Commonwealth Equity Services LLC purchased a new position in shares of Alvotech in the third quarter valued at $69,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in Alvotech during the 3rd quarter valued at approximately $100,000. ProShare Advisors LLC bought a new position in Alvotech in the 3rd quarter valued at $68,000. China Universal Asset Management Co. Ltd. raised its holdings in Alvotech by 24.3% in the third quarter. China Universal Asset Management Co. Ltd. now owns 61,712 shares of the company's stock worth $365,000 after purchasing an additional 12,049 shares in the last quarter. Finally, Ulland Investment Advisors LLC grew its position in Alvotech by 5.0% during the 3rd quarter. Ulland Investment Advisors LLC now owns 115,000 shares of the company's stock worth $667,000 after purchasing an additional 5,500 shares during the period.

About Alvotech

Alvotech is a biotechnology company headquartered in Reykjavík, Iceland, focused on developing and manufacturing biosimilar medicines. Biosimilars are biologic products designed to be highly similar to already approved reference medicines and are intended to expand patient access to complex treatments at potentially lower costs.

The company uses an integrated research, development and manufacturing model and concentrates on therapeutic areas including immunology, ophthalmology, oncology and bone health.

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