Alvotech (NASDAQ:ALVO) Stock Has Consensus Target Price of $8.50 According to Brokerages

Key Points

• Analysts have a “Moderate Buy” consensus on Alvotech, with five buy, two hold and one sell rating among eight covering brokerages. The average 12-month price target is $8.50, above the stock’s reported $5.50 opening price.
• Recent analyst actions have generally been favorable: 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.
• Alvotech reported quarterly revenue of $106 million, exceeding estimates, but its adjusted loss of $0.11 per share was wider than the expected $0.05 loss. Renaissance Technologies also increased its stake by 146.9% during the first quarter.

Shares of Alvotech (NASDAQ:ALVO - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the eight brokerages that are covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $8.50.

ALVO has been the topic of several recent analyst reports. UBS Group set a $8.00 price target on Alvotech in a research note on Wednesday, September 16th. Weiss Ratings raised shares of Alvotech from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday, October 6th. Bank of America assumed coverage on shares of Alvotech in a research report on Monday, August 24th. They set a "buy" rating and a $7.00 price objective for the company. Evercore started coverage on shares of Alvotech in a research note on Friday, August 14th. They issued an "outperform" rating for the company. Finally, Barclays upgraded shares of Alvotech from an "underweight" rating to an "overweight" rating and boosted their target price for the company from $4.00 to $8.00 in a research report on Wednesday, September 16th.

Alvotech Trading Down 4.8%

ALVO stock opened at $5.50 on Tuesday. The stock has a 50-day moving average price of $5.05 and a 200-day moving average price of $4.06. Alvotech has a 1-year low of $2.94 and a 1-year high of $9.05. The firm has a market cap of $1.66 billion, a PE ratio of -9.02 and a beta of 0.20.

Alvotech (NASDAQ:ALVO - Get Free Report) last announced its quarterly earnings data 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). The firm had revenue of $106.00 million during the quarter, compared to the consensus estimate of $103.00 million. On average, analysts forecast that Alvotech will post 0.01 earnings per share for the current year.

Institutional Investors Weigh In On Alvotech

An institutional investor recently raised its position in Alvotech stock. Renaissance Technologies LLC lifted its stake in shares of Alvotech (NASDAQ:ALVO - Free Report) by 146.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,200 shares of the company's stock after purchasing an additional 37,600 shares during the quarter. Renaissance Technologies LLC's holdings in Alvotech were worth $217,000 at the end of the most recent reporting period.

Alvotech Company Profile

Alvotech is a biotechnology company 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 access to treatments while supporting greater affordability.

The company's pipeline includes biosimilar candidates for conditions in immunology, ophthalmology, oncology and other therapeutic areas. Its development activities cover complex biologic medicines, including treatments used for autoimmune and inflammatory diseases.

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