Alvotech (NASDAQ:ALVO) Shares Down 7.6% - Time to Sell?

Key Points

• Alvotech shares fell 7.6% to $4.315 on Friday, with trading volume down 86% from its average.
• Analyst views are mixed: five analysts rate the stock Buy and two Sell, while the consensus rating is Hold with an $8.40 target price.
• Quarterly EPS of -$0.03 beat estimates of -$0.04, but revenue of $111.6 million came in below the $125.2 million consensus.

Shares of Alvotech (NASDAQ:ALVO - Get Free Report) fell 7.6% on Friday. The company traded as low as $4.36 and last traded at $4.3150. 108,178 shares were traded during trading, a decline of 86% from the average session volume of 773,409 shares. The stock had previously closed at $4.67.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on ALVO shares. Wall Street Zen cut shares of Alvotech from a "hold" rating to a "sell" rating in a report on Saturday, November 7th. Jefferies Financial Group began coverage on shares of Alvotech in a research note on Tuesday. They set a "buy" rating and a $9.00 price target on the stock. Zacks Research lowered Alvotech from a "hold" rating to a "strong sell" rating in a research note on Tuesday, October 20th. UBS Group set a $8.00 price objective on shares of Alvotech in a research note on Wednesday, September 16th. Finally, Barclays upgraded shares of Alvotech from an "underweight" rating to an "overweight" rating and raised their price target for the company from $4.00 to $8.00 in a report on Wednesday, September 16th. Five investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Alvotech presently has a consensus rating of "Hold" and a consensus target price of $8.40.

Alvotech Trading Down 10.0%

The company has a market cap of $1.27 billion, a P/E ratio of -5.13 and a beta of 0.24. The company's 50-day moving average price is $5.26 and its two-hundred day moving average price is $4.21.

Alvotech (NASDAQ:ALVO - Get Free Report) last released its earnings results on Wednesday, November 11th. The company reported ($0.03) EPS for the quarter, topping analysts' consensus estimates of ($0.04) by $0.01. The firm had revenue of $111.60 million for the quarter, compared to the consensus estimate of $125.20 million. As a group, analysts anticipate that Alvotech will post -0.01 earnings per share for the current year.

Hedge Funds Weigh In On Alvotech

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Citadel Advisors LLC acquired a new position in Alvotech during the 2nd quarter valued at approximately $6,376,000. China Universal Asset Management Co. Ltd. increased its position 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 buying an additional 12,049 shares during the period. Renaissance Technologies LLC lifted its stake in Alvotech by 146.9% in the first quarter. Renaissance Technologies LLC now owns 63,200 shares of the company's stock valued at $217,000 after buying an additional 37,600 shares during the last quarter. Ulland Investment Advisors LLC lifted its stake in Alvotech by 5.0% in the third quarter. Ulland Investment Advisors LLC now owns 115,000 shares of the company's stock valued at $667,000 after buying an additional 5,500 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Alvotech during the third quarter valued at $100,000.

Alvotech Company Profile

Alvotech is a biopharmaceutical company based in Reykjavik, Iceland, focused on developing and manufacturing biosimilars—medicines designed to be highly similar to existing biologic drugs. Its work includes biosimilars for conditions in areas such as immunology and oncology. Founded in 2013 by entrepreneur Robert Wessman, the company operates an integrated development and manufacturing platform in Iceland. Alvotech works with commercial partners to seek regulatory approval for and distribute its products in markets including the United States and Europe.

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