Brokerages Set Alvotech (NASDAQ:ALVO) Price Target at $7.60

Shares of Alvotech (NASDAQ:ALVO) have earned an average rating of “Hold” from the six research firms that are presently covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation, two have given a hold recommendation and two have assigned a buy recommendation to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $7.60.

Several analysts have recently commented on the stock. Wall Street Zen lowered shares of Alvotech from a “hold” rating to a “sell” rating in a research report on Saturday, May 23rd. Weiss Ratings lowered Alvotech from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, June 9th.

Alvotech Price Performance

Shares of ALVO stock opened at $4.12 on Thursday. The firm’s 50-day moving average is $3.57 and its two-hundred day moving average is $3.87. Alvotech has a 12 month low of $2.94 and a 12 month high of $9.46. The company has a market capitalization of $1.24 billion, a PE ratio of -16.48 and a beta of 0.19.

Alvotech (NASDAQ:ALVO) last posted its earnings results on Tuesday, March 31st. The company reported ($0.09) earnings per share for the quarter. Alvotech had a negative net margin of 14.36% and a negative return on equity of 11.92%. The firm had revenue of $105.90 million during the quarter. Sell-side analysts forecast that Alvotech will post 0.05 EPS for the current year.

Hedge Funds Weigh In On Alvotech

Hedge funds have recently modified their holdings of the business. ProShare Advisors LLC increased its position in shares of Alvotech by 24.0% during the 4th quarter. ProShare Advisors LLC now owns 13,826 shares of the company’s stock worth $71,000 after purchasing an additional 2,675 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Alvotech by 25.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,211 shares of the company’s stock valued at $78,000 after buying an additional 3,110 shares during the last quarter. Magnetar Financial LLC acquired a new position in Alvotech in the third quarter valued at about $86,000. Orion Porfolio Solutions LLC purchased a new position in Alvotech during the third quarter worth about $92,000. Finally, Stifel Financial Corp purchased a new position in Alvotech during the fourth quarter worth about $108,000.

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).