Alvotech (NASDAQ:ALVO) Sets New 12-Month Low – Should You Sell?

Alvotech (NASDAQ:ALVO)’s stock price reached a new 52-week low on Monday . The stock traded as low as $3.79 and last traded at $3.83, with a volume of 140920 shares changing hands. The stock had previously closed at $3.99.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on ALVO shares. Weiss Ratings reissued a “sell (e+)” rating on shares of Alvotech in a research report on Wednesday, January 21st. UBS Group decreased their price objective on Alvotech from $13.00 to $10.00 and set a “buy” rating for the company in a research note on Tuesday, November 18th. Northland Securities set a $10.00 target price on shares of Alvotech in a report on Tuesday, November 4th. Zacks Research cut shares of Alvotech from a “hold” rating to a “strong sell” rating in a report on Wednesday, February 18th. Finally, Barclays assumed coverage on Alvotech in a research note on Monday, December 8th. They set an “underweight” rating and a $5.00 price target on the stock. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus target price of $8.60.

Alvotech Stock Performance

The firm’s 50-day moving average price is $4.88 and its two-hundred day moving average price is $6.31. The stock has a market cap of $1.16 billion, a price-to-earnings ratio of 16.72 and a beta of 0.16.

Hedge Funds Weigh In On Alvotech

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Millennium Management LLC grew its stake 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 valued at $1,832,000 after purchasing an additional 337,417 shares during the last quarter. Gilder Gagnon Howe & Co. LLC purchased a new position in shares of Alvotech during the 2nd quarter worth approximately $1,782,000. Norges Bank purchased a new position in shares of Alvotech in the 2nd quarter valued at about $1,656,000. Goldman Sachs Group Inc. boosted its holdings in Alvotech by 88.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 259,536 shares of the company’s stock worth $1,331,000 after buying an additional 122,089 shares in the last quarter. Finally, Vanguard Group Inc. grew 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.

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).