Weiss Ratings Reiterates "Sell (E+)" Rating for Alvotech (NASDAQ:ALVO)

Key Points

• Weiss Ratings has reaffirmed its "sell (E+)" rating for Alvotech (NASDAQ:ALVO), indicating concerns about the company's performance.
• Alvotech's stock has seen a recent increase of 3.2%, trading at $8.41, despite varied analytical opinions, with some upgrading the stock to "buy" and others downgrading it to "hold."
• The company reported a $0.14 EPS for the last quarter, surpassing expectations, but missed revenue forecasts with $116.02 million against a projected $120.51 million.

Alvotech (NASDAQ:ALVO - Get Free Report)'s stock had its "sell (e+)" rating reissued by stock analysts at Weiss Ratings in a research report issued on Friday,Weiss Ratings reports.

Other analysts have also recently issued research reports about the company. Zacks Research cut Alvotech from a "strong-buy" rating to a "hold" rating in a research report on Tuesday. Deutsche Bank Aktiengesellschaft upgraded Alvotech from a "hold" rating to a "buy" rating and set a $14.00 price objective for the company in a report on Tuesday, September 23rd. Morgan Stanley set a $14.00 price objective on Alvotech and gave the stock an "overweight" rating in a report on Tuesday, October 14th. Finally, UBS Group cut their target price on Alvotech from $16.00 to $14.00 and set a "buy" rating on the stock in a report on Friday, July 18th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $14.00.

Alvotech Stock Up 3.2%

Shares of Alvotech stock traded up $0.26 during midday trading on Friday, hitting $8.41. The company's stock had a trading volume of 241,520 shares, compared to its average volume of 257,840. The firm has a market capitalization of $2.54 billion, a P/E ratio of 36.52 and a beta of 0.10. The stock has a 50-day simple moving average of $8.28 and a 200-day simple moving average of $8.88. Alvotech has a 1-year low of $7.35 and a 1-year high of $13.70.

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

Hedge Funds Weigh In On Alvotech

A number of institutional investors have recently made changes to their positions in the business. China Universal Asset Management Co. Ltd. boosted its holdings in Alvotech by 6.9% during the first quarter. China Universal Asset Management Co. Ltd. now owns 60,472 shares of the company's stock valued at $585,000 after purchasing an additional 3,896 shares in the last quarter. Royce & Associates LP raised its stake in shares of Alvotech by 7.6% in the first quarter. Royce & Associates LP now owns 171,043 shares of the company's stock valued at $1,654,000 after acquiring an additional 12,043 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Alvotech by 31.1% in the first quarter. Vanguard Group Inc. now owns 4,192,461 shares of the company's stock valued at $40,306,000 after acquiring an additional 995,538 shares during the last quarter. Wolverine Asset Management LLC raised its stake in shares of Alvotech by 24.7% in the first quarter. Wolverine Asset Management LLC now owns 9,286 shares of the company's stock valued at $90,000 after acquiring an additional 1,838 shares during the last quarter. Finally, Invesco Ltd. raised its stake in shares of Alvotech by 110.6% in the first quarter. Invesco Ltd. now owns 23,604 shares of the company's stock valued at $228,000 after acquiring an additional 12,394 shares during the last quarter.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.