Alvotech (NASDAQ:ALVO) Given Average Recommendation of "Moderate Buy" by Brokerages

Key Points

• Alvotech has a consensus “Moderate Buy” rating from eight analysts, with five buys, two holds and one sell. The average 12-month price target is $8.50, compared with the stock’s reported opening price of $5.34.
• Recent analyst actions were mixed but generally improved: Barclays upgraded Alvotech to “overweight” and raised its target to $8, while Bank of America initiated coverage with a “buy” rating and a $7 target; other firms maintained or moved to sell ratings.
• Alvotech reported quarterly revenue of $106 million, exceeding estimates of $103 million, but its adjusted loss of $0.11 per share missed the consensus loss estimate of $0.05. The company remains unprofitable, with a negative net margin of 36.31%.

Shares of Alvotech (NASDAQ:ALVO - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the eight research firms that are currently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $8.50.

Several analysts recently issued reports on the stock. Weiss Ratings raised shares of Alvotech from a "sell (e+)" rating to a "sell (d-)" rating in a report on Monday, August 31st. Wall Street Zen downgraded shares of Alvotech from a "hold" rating to a "sell" rating in a research report on Saturday, May 23rd. Bank of America started coverage on shares of Alvotech in a research note on Monday, August 24th. They issued a "buy" rating and a $7.00 target price on the stock. Barclays raised shares of 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 research report on Wednesday. Finally, UBS Group set a $8.00 price target on Alvotech in a research note on Wednesday.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Citadel Advisors LLC acquired a new stake in shares of Alvotech during the 2nd quarter worth approximately $6,376,000. Renaissance Technologies LLC boosted its position in Alvotech by 146.9% during the 1st quarter. Renaissance Technologies LLC now owns 63,200 shares of the company's stock valued at $217,000 after purchasing an additional 37,600 shares during the period. Finally, ProShare Advisors LLC boosted its position in Alvotech by 24.0% during the 4th quarter. ProShare Advisors LLC now owns 13,826 shares of the company's stock valued at $71,000 after purchasing an additional 2,675 shares during the period.

Alvotech Stock Up 4.7%

ALVO stock opened at $5.34 on Friday. Alvotech has a 52-week low of $2.94 and a 52-week high of $9.25. The stock's 50 day moving average is $4.23 and its two-hundred day moving average is $3.81. The company has a market capitalization of $1.61 billion, a PE ratio of -8.75 and a beta of 0.22.

Alvotech (NASDAQ:ALVO - Get Free Report) last announced its earnings results on Thursday, August 20th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.06). Alvotech had a negative net margin of 36.31% and a negative return on equity of 11.92%. The business had revenue of $106.00 million during the quarter, compared to analyst estimates of $103.00 million. As a group, sell-side analysts anticipate that Alvotech will post 0.01 EPS for the current year.

Alvotech Company Profile

Alvotech is a biopharmaceutical company headquartered in Reykjavik, Iceland, focused on developing and manufacturing biosimilar medicines. Its products are intended to provide alternatives to biologic therapies used to treat conditions including autoimmune diseases, cancer and eye disorders.

The company has established a pipeline spanning several therapeutic areas, with candidates targeting medicines such as ustekinumab, denosumab, secukinumab and aflibercept. Alvotech operates an integrated platform covering cell-line development, process development, analytical testing and commercial-scale manufacturing.

Founded in 2013, Alvotech serves international markets through commercial and strategic partnerships.

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