UBS Group Cuts Alvotech (NASDAQ:ALVO) Price Target to $6.00

Alvotech (NASDAQ:ALVO) had its target price cut by stock analysts at UBS Group from $10.00 to $6.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. UBS Group’s price objective indicates a potential upside of 95.12% from the company’s previous close.

Other research analysts have also issued research reports about the stock. Zacks Research raised shares of Alvotech from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 19th. Barclays cut their price objective on Alvotech from $5.00 to $4.00 and set an “underweight” rating for the company in a research report on Tuesday. Morgan Stanley set a $10.00 target price on Alvotech in a research note on Wednesday, December 3rd. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Alvotech in a research report on Wednesday, January 21st. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Alvotech has a consensus rating of “Hold” and a consensus target price of $7.60.

Alvotech Price Performance

Shares of NASDAQ ALVO traded down $0.26 during mid-day trading on Tuesday, reaching $3.08. 281,842 shares of the company traded hands, compared to its average volume of 529,112. The stock has a fifty day simple moving average of $4.50 and a 200-day simple moving average of $5.81. Alvotech has a fifty-two week low of $3.03 and a fifty-two week high of $11.85. The firm has a market cap of $927.05 million, a PE ratio of 30.75 and a beta of 0.16.

Alvotech (NASDAQ:ALVO) last posted its quarterly earnings data on Wednesday, March 18th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.50). The company had revenue of $173.20 million for the quarter, compared to analyst estimates of $162.20 million. Alvotech had a negative return on equity of 12.84% and a net margin of 4.74%. As a group, analysts predict that Alvotech will post -0.07 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Norges Bank bought a new stake in Alvotech during the 2nd quarter worth $1,656,000. Legal & General Group Plc boosted its stake in shares of Alvotech by 17.0% during the second quarter. Legal & General Group Plc now owns 657,742 shares of the company’s stock valued at $6,028,000 after purchasing an additional 95,331 shares in the last quarter. Stifel Financial Corp bought a new stake in shares of Alvotech during the fourth quarter worth about $108,000. Orion Porfolio Solutions LLC acquired a new position in Alvotech in the 3rd quarter valued at approximately $92,000. Finally, Magnetar Financial LLC bought a new position in Alvotech during the 3rd quarter worth $86,000.

About Alvotech

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).