Alvotech (NASDAQ:ALVO) Shares Gap Down – What’s Next?

Alvotech (NASDAQ:ALVO)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $4.24, but opened at $3.85. Alvotech shares last traded at $3.9890, with a volume of 1,709,729 shares traded.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on ALVO shares. UBS Group cut their price target 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. Weiss Ratings lowered Alvotech from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, June 9th. Barclays dropped their target price on Alvotech from $5.00 to $4.00 and set an “underweight” rating on the stock in a report on Tuesday, March 24th. Wall Street Zen lowered Alvotech from a “hold” rating to a “sell” rating in a report on Saturday, May 23rd. Finally, Zacks Research raised Alvotech from a “strong sell” rating to a “hold” rating in a report on Thursday, March 19th. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $7.60.

Alvotech Price Performance

The stock has a market capitalization of $1.21 billion, a price-to-earnings ratio of -16.02 and a beta of 0.21. The firm has a fifty day moving average of $3.54 and a 200 day moving average of $4.23.

Alvotech (NASDAQ:ALVO) last posted its earnings results on Tuesday, March 31st. The company reported ($0.09) EPS for the quarter. The company 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%. Research analysts predict that Alvotech will post 0.02 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ALVO. Millennium Management LLC lifted its position in shares of Alvotech by 1,707.7% in the fourth quarter. Millennium Management LLC now owns 357,176 shares of the company’s stock valued at $1,832,000 after acquiring an additional 337,417 shares in the last quarter. Gilder Gagnon Howe & Co. LLC purchased a new position in shares of Alvotech in the second quarter valued at approximately $1,782,000. Goldman Sachs Group Inc. lifted its position in shares of Alvotech by 88.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 259,536 shares of the company’s stock valued at $1,331,000 after acquiring an additional 122,089 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Alvotech by 2.7% in the third quarter. Vanguard Group Inc. now owns 4,348,151 shares of the company’s stock valued at $35,481,000 after acquiring an additional 114,255 shares in the last quarter. Finally, Jane Street Group LLC purchased a new position in shares of Alvotech in the fourth quarter valued at approximately $474,000.

Alvotech Company Profile

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).