Alvotech (NASDAQ:ALVO) Shares Up 9.1% – Time to Buy?

Alvotech (NASDAQ:ALVO) shot up 9.1% during trading on Thursday . The company traded as high as $3.39 and last traded at $3.4260. 55,397 shares were traded during trading, a decline of 89% from the average session volume of 496,439 shares. The stock had previously closed at $3.14.

Analysts Set New Price Targets

A number of research firms have commented on ALVO. Barclays reduced their price objective on shares of Alvotech from $5.00 to $4.00 and set an “underweight” rating on the stock in a research note on Tuesday, March 24th. Zacks Research upgraded shares of Alvotech from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 19th. Wall Street Zen cut shares of Alvotech from a “hold” rating to a “sell” rating in a report on Saturday, May 23rd. UBS Group dropped their target price on shares of Alvotech from $10.00 to $6.00 and set a “buy” rating on the stock in a report on Tuesday, March 24th. Finally, Weiss Ratings raised shares of Alvotech from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, May 11th. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Alvotech has a consensus rating of “Hold” and an average target price of $7.60.

Alvotech Price Performance

The company has a market capitalization of $1.07 billion, a price-to-earnings ratio of -14.16 and a beta of 0.21. The stock’s fifty day simple moving average is $3.44 and its two-hundred day simple moving average is $4.28.

Alvotech (NASDAQ:ALVO) last issued its earnings results on Tuesday, March 31st. The company reported ($0.09) earnings per share for the quarter. The business had revenue of $105.90 million for the quarter. Alvotech had a negative return on equity of 11.92% and a negative net margin of 14.36%. On average, sell-side analysts predict that Alvotech will post 0.02 EPS for the current year.

Institutional Trading of Alvotech

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Alvotech by 2.7% in the 3rd quarter. Vanguard Group Inc. now owns 4,348,151 shares of the company’s stock worth $35,481,000 after acquiring an additional 114,255 shares during the period. Millennium Management LLC increased its holdings in shares of Alvotech by 1,707.7% in the 4th quarter. Millennium Management LLC now owns 357,176 shares of the company’s stock worth $1,832,000 after acquiring an additional 337,417 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Alvotech by 88.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 259,536 shares of the company’s stock worth $1,331,000 after acquiring an additional 122,089 shares during the period. Geode Capital Management LLC increased its holdings in shares of Alvotech by 10.7% in the 4th quarter. Geode Capital Management LLC now owns 254,921 shares of the company’s stock worth $1,308,000 after acquiring an additional 24,667 shares during the period. Finally, Gilder Gagnon Howe & Co. LLC acquired a new stake in shares of Alvotech in the 2nd quarter worth about $1,782,000.

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).