Alvotech (NASDAQ:ALVO) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded Alvotech from “sell” to “hold,” while the broader analyst consensus remains “Hold,” with four Buy, one Hold and two Sell ratings and an average price target of $8.50.
• Alvotech shares opened at $4.58, down 4.4%, with a 52-week range of $2.94 to $8.50. The company’s latest quarterly EPS loss of $0.11 missed expectations, although revenue of $106 million exceeded estimates.
• Several institutional investors increased their positions, including Renaissance Technologies, which raised its stake by 146.9%, and Citadel Advisors, which initiated a position worth approximately $6.4 million.

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

Several other research firms have also issued reports on ALVO. Evercore initiated coverage on shares of Alvotech in a research report on Friday, August 14th. They set an "outperform" rating for the company. Bank of America initiated coverage on Alvotech in a research note on Monday, August 24th. They set a "buy" rating and a $7.00 target price on the stock. UBS Group set a $8.00 target price on Alvotech in a report on Wednesday, September 16th. Zacks Research cut Alvotech from a "hold" rating to a "strong sell" rating in a research report on Tuesday. Finally, Weiss Ratings raised shares of Alvotech from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, October 6th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $8.50.

Alvotech Stock Down 4.4%

Alvotech stock opened at $4.58 on Friday. The firm's fifty day moving average price is $5.27 and its two-hundred day moving average price is $4.16. Alvotech has a 1-year low of $2.94 and a 1-year high of $8.50.

Alvotech (NASDAQ:ALVO - Get Free Report) last released its earnings results on Thursday, August 20th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.06). The firm had revenue of $106.00 million during the quarter, compared to the consensus estimate of $103.00 million. Analysts anticipate that Alvotech will post -0.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Alvotech

Several hedge funds have recently added to or reduced their stakes in the business. Citadel Advisors LLC acquired a new position in Alvotech in the 2nd quarter worth about $6,376,000. Renaissance Technologies LLC boosted its stake in Alvotech by 146.9% during the first quarter. Renaissance Technologies LLC now owns 63,200 shares of the company's stock worth $217,000 after buying an additional 37,600 shares during the period. Finally, Ulland Investment Advisors LLC increased its holdings in Alvotech by 5.0% in the 3rd quarter. Ulland Investment Advisors LLC now owns 115,000 shares of the company's stock valued at $667,000 after purchasing an additional 5,500 shares during the last quarter.

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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