Alvotech (NASDAQ:ALVO) Shares Gap Down Following Weak Earnings

Alvotech (NASDAQ:ALVO)’s share price gapped down prior to trading on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $3.57, but opened at $3.31. Alvotech shares last traded at $3.2080, with a volume of 176,443 shares changing hands.

The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.02). The company had revenue of $105.94 million for the quarter, compared to the consensus estimate of $112.39 million. Alvotech had a negative net margin of 14.36% and a negative return on equity of 11.92%.

Analyst Ratings Changes

ALVO has been the subject of several research reports. Weiss Ratings restated a “sell (e+)” rating on shares of Alvotech in a research report on Monday, April 20th. Barclays reduced their price target on shares of Alvotech from $5.00 to $4.00 and set an “underweight” rating for the company in a research report on Tuesday, March 24th. Wall Street Zen upgraded shares of Alvotech from a “sell” rating to a “hold” rating in a research report on Saturday, April 18th. UBS Group reduced their price target on shares of Alvotech from $10.00 to $6.00 and set a “buy” rating for the company in a research report on Tuesday, March 24th. Finally, Zacks Research upgraded shares of Alvotech from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 19th. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $7.60.

Institutional Investors Weigh In On Alvotech

Institutional investors have recently added to or reduced their stakes in the business. State of Wyoming purchased a new stake in Alvotech during the third quarter valued at about $54,000. ProShare Advisors LLC lifted its holdings in Alvotech by 24.0% during the fourth quarter. ProShare Advisors LLC now owns 13,826 shares of the company’s stock valued at $71,000 after purchasing an additional 2,675 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Alvotech by 25.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,211 shares of the company’s stock valued at $78,000 after purchasing an additional 3,110 shares during the last quarter. Magnetar Financial LLC purchased a new stake in Alvotech during the third quarter valued at about $86,000. Finally, Ulland Investment Advisors LLC purchased a new stake in Alvotech during the third quarter valued at about $92,000.

Alvotech Price Performance

The firm has a market capitalization of $983.90 million, a PE ratio of -13.04 and a beta of 0.21. The company’s fifty day simple moving average is $3.60 and its 200 day simple moving average is $4.76.

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).