Alvotech (NASDAQ:ALVO) Shares Gap Up - Still a Buy?

Key Points

• Alvotech shares jumped 14.4%, opening at $5.99 versus the prior close of $5.45 and later trading around $6.31 on volume of roughly 1.15 million shares.
• Analyst sentiment is broadly positive: five analysts rate the stock Buy, two Hold and one Sell, producing a “Moderate Buy” consensus and an average price target of $8.50.
• The company reported a quarterly loss of $0.11 per share, missing the $0.05 consensus estimate, though revenue of $106 million exceeded expectations. Renaissance Technologies also increased its stake by 146.9% during the first quarter.

Alvotech (NASDAQ:ALVO - Get Free Report)'s stock price gapped up prior to trading on Monday. The stock had previously closed at $5.45, but opened at $5.99. Alvotech shares last traded at $6.3060, with a volume of 1,151,506 shares trading hands.

Analysts Set New Price Targets

ALVO has been the subject of a number of recent analyst reports. Weiss Ratings cut shares of Alvotech from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Thursday, September 17th. UBS Group set a $8.00 price objective on shares of Alvotech in a research note on Wednesday, September 16th. Bank of America began coverage on shares of Alvotech in a report on Monday, August 24th. They set a "buy" rating and a $7.00 price objective for the company. Evercore initiated coverage on shares of Alvotech in a report on Friday, August 14th. They set an "outperform" rating on the stock. Finally, Barclays raised shares of Alvotech from an "underweight" rating to an "overweight" rating and raised their target price for the company from $4.00 to $8.00 in a research note on Wednesday, September 16th. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $8.50.

Alvotech Stock Up 14.4%

The company has a market capitalization of $1.88 billion, a P/E ratio of -10.22 and a beta of 0.20. The firm has a fifty day simple moving average of $4.78 and a 200-day simple moving average of $3.96.

Alvotech (NASDAQ:ALVO - Get Free Report) last released its quarterly earnings data on Thursday, August 20th. The company reported ($0.11) earnings per share 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 analyst estimates of $103.00 million. On average, sell-side analysts predict that Alvotech will post 0.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Alvotech

A hedge fund recently raised its stake in Alvotech stock. Renaissance Technologies LLC raised its position in Alvotech (NASDAQ:ALVO - Free Report) by 146.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm 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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