Alvotech (NYSE:ALVO) Price Target Raised to $22.00

Alvotech (NYSE:ALVO) had its price objective raised by Barclays from $20.00 to $22.00 in a report published on Friday morning, Benzinga reports. Barclays currently has an overweight rating on the stock.

Alvotech Stock Performance

Shares of NYSE:ALVO opened at $14.19 on Friday. Alvotech has a 52-week low of $6.70 and a 52-week high of $18.00. The business has a 50-day moving average price of $13.34 and a 200-day moving average price of $12.94.

Alvotech (NYSE:ALVO) last announced its quarterly earnings data on Wednesday, May 22nd. The company reported ($0.89) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.81). The firm had revenue of $36.89 million during the quarter. During the same period in the previous year, the business earned ($1.24) earnings per share. Analysts forecast that Alvotech will post -0.79 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ALVO. B. Riley Wealth Advisors Inc. raised its stake in shares of Alvotech by 100.0% in the third quarter. B. Riley Wealth Advisors Inc. now owns 50,000 shares of the company’s stock worth $456,000 after purchasing an additional 25,000 shares during the last quarter. Vanguard Group Inc. purchased a new position in Alvotech during the third quarter valued at approximately $26,278,000. Oaktree Capital Management LP raised its position in Alvotech by 8.1% during the fourth quarter. Oaktree Capital Management LP now owns 5,450,896 shares of the company’s stock valued at $62,576,000 after acquiring an additional 407,391 shares in the last quarter. Oaktree Fund Advisors LLC raised its position in Alvotech by 11.2% during the fourth quarter. Oaktree Fund Advisors LLC now owns 523,915 shares of the company’s stock valued at $6,015,000 after acquiring an additional 52,662 shares in the last quarter. Finally, Littlejohn & Co. LLC raised its position in Alvotech by 7.6% during the first quarter. Littlejohn & Co. LLC now owns 1,218,534 shares of the company’s stock valued at $14,890,000 after acquiring an additional 86,143 shares in 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.