Vanguard Group Inc. Has $40.31 Million Stake in Alvotech $ALVO

Key Points

• Vanguard Group Inc. increased its stake in Alvotech by 31.1%, acquiring an additional 995,538 shares, bringing its total holdings to approximately 4.19 million shares, valued at over $40 million.
• Alvotech's stock underwent analyst adjustments, with UBS Group lowering its price target from $16.00 to $14.00, and Zacks downgrading it from "strong-buy" to "hold," resulting in a consensus rating of "Moderate Buy."
• In its latest earnings report, Alvotech posted earnings of $0.14 per share, beating expectations despite reporting lower revenue of $116.02 million compared to forecasts of $120.51 million.

Vanguard Group Inc. increased its position in Alvotech (NASDAQ:ALVO - Free Report) by 31.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 4,192,461 shares of the company's stock after purchasing an additional 995,538 shares during the quarter. Vanguard Group Inc. owned approximately 1.39% of Alvotech worth $40,306,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. BNP Paribas Financial Markets bought a new stake in shares of Alvotech in the 4th quarter valued at about $66,000. GF Fund Management CO. LTD. bought a new stake in shares of Alvotech in the 4th quarter valued at about $74,000. Invesco Ltd. bought a new stake in shares of Alvotech in the 4th quarter valued at about $148,000. ProShare Advisors LLC bought a new stake in shares of Alvotech in the 4th quarter valued at about $167,000. Finally, Barclays PLC bought a new stake in shares of Alvotech in the 4th quarter valued at about $210,000.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on ALVO shares. Zacks Research lowered shares of Alvotech from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 18th. UBS Group dropped their price objective on shares of Alvotech from $16.00 to $14.00 and set a "buy" rating on the stock in a research report on Friday, July 18th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Alvotech presently has a consensus rating of "Moderate Buy" and an average price target of $14.00.

Alvotech Stock Performance

NASDAQ:ALVO traded up $0.02 during mid-day trading on Monday, reaching $8.07. 229,923 shares of the company's stock were exchanged, compared to its average volume of 487,703. Alvotech has a one year low of $7.35 and a one year high of $13.70. The firm has a market capitalization of $2.43 billion, a PE ratio of 35.09 and a beta of 0.10. The business's fifty day simple moving average is $8.76 and its two-hundred day simple moving average is $9.58.

Alvotech (NASDAQ:ALVO - Get Free Report) last released its quarterly earnings results on Wednesday, August 13th. The company reported $0.14 EPS for the quarter, topping analysts' consensus estimates of ($0.26) by $0.40. Alvotech had a net margin of 11.26% and a negative return on equity of 38.36%. The business had revenue of $116.02 million for the quarter, compared to analyst estimates of $120.51 million. As a group, equities research analysts forecast that Alvotech will post -0.07 EPS for the current year.

Alvotech Company Profile

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.