Alvotech (NASDAQ:ALVO) Shares Up 5.4% - Here's What Happened

Key Points

• Alvotech shares rose 5.4% to about $5.22, despite trading volume falling 69% below the average session volume.
• Analyst sentiment is mixed: Bank of America assigned a Buy rating with a $7 price target, while other firms issued Sell downgrades. The consensus rating remains Hold with a $7.50 target price.
• Alvotech missed quarterly EPS expectations, reporting a loss of $0.11 per share versus the anticipated $0.05 loss, although revenue of $106 million exceeded estimates of $103 million.

Alvotech (NASDAQ:ALVO - Get Free Report) shares rose 5.4% during trading on Monday . The company traded as high as $5.15 and last traded at $5.2160. Approximately 208,681 shares traded hands during trading, a decline of 69% from the average session volume of 676,360 shares. The stock had previously closed at $4.95.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on ALVO. Evercore began coverage on shares of Alvotech in a research note on Friday, August 14th. They issued an "outperform" rating for the company. Bank of America assumed coverage on shares of Alvotech in a report on Monday, August 24th. They set a "buy" rating and a $7.00 price target for the company. Weiss Ratings lowered shares of Alvotech from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, June 9th. Finally, Wall Street Zen downgraded shares of Alvotech from a "hold" rating to a "sell" rating in a research note on Saturday, May 23rd. Four equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $7.50.

Alvotech Price Performance

The firm has a market cap of $1.56 billion, a PE ratio of -8.49 and a beta of 0.18. The stock has a 50-day moving average price of $3.77 and a 200 day moving average price of $3.73.

Alvotech (NASDAQ:ALVO - Get Free Report) last issued its quarterly 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 return on equity of 11.92% and a negative net margin of 36.31%.The business had revenue of $106.00 million during the quarter, compared to analyst estimates of $103.00 million. As a group, equities research analysts anticipate that Alvotech will post 0.01 earnings per share for the current year.

Hedge Funds Weigh In On Alvotech

A number of large investors have recently bought and sold shares of ALVO. Jane Street Group LLC acquired a new stake in shares of Alvotech during the 4th quarter worth $474,000. Geode Capital Management LLC boosted its holdings in Alvotech by 10.7% in the fourth quarter. Geode Capital Management LLC now owns 254,921 shares of the company's stock valued at $1,308,000 after acquiring an additional 24,667 shares during the last quarter. Citadel Advisors LLC acquired a new position in Alvotech in the third quarter valued at $346,000. Amundi grew its position in Alvotech by 71.0% during the third quarter. Amundi now owns 19,416 shares of the company's stock valued at $167,000 after acquiring an additional 8,059 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in Alvotech by 30.4% during the third quarter. JPMorgan Chase & Co. now owns 24,455 shares of the company's stock worth $200,000 after acquiring an additional 5,697 shares during the last quarter.

Alvotech Company Profile

Alvotech NASDAQ: ALVO is a global biopharmaceutical company specializing in the development, manufacturing and commercialization of biosimilar medicines. The company focuses on creating high‐quality, cost‐effective alternatives to established biologic therapies in areas such as immunology, oncology and other specialty care fields. By leveraging in‐house research and a vertically integrated manufacturing platform, Alvotech aims to bring approved biosimilars to market more rapidly and with greater cost efficiency than many traditional biosimilar developers.

Since its founding in 2013, Alvotech has built a diversified pipeline of monoclonal antibody biosimilars, targeting blockbuster reference products including adalimumab (originally branded Humira), bevacizumab (Avastin) and ustekinumab (Stelara).

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