Alvotech (NASDAQ:ALVO) PT Lowered to $18.00 at Barclays

Alvotech (NASDAQ:ALVO) had its price target cut by Barclays from $22.00 to $18.00 in a research report released on Thursday, Benzinga reports. They currently have an overweight rating on the stock.

Alvotech Trading Up 2.7 %

Shares of NASDAQ:ALVO opened at $11.59 on Thursday. The stock has a 50 day moving average of $13.00 and a 200 day moving average of $13.78. Alvotech has a 12-month low of $8.29 and a 12-month high of $18.00.

Alvotech (NASDAQ:ALVO) last announced its quarterly earnings data on Wednesday, May 22nd. The company reported ($0.89) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.81). The company had revenue of $36.89 million during the quarter. During the same quarter in the prior year, the firm posted ($1.24) earnings per share. As a group, research analysts expect that Alvotech will post -0.66 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ALVO. Oaktree Fund Advisors LLC lifted its holdings in Alvotech by 11.2% in the 4th quarter. Oaktree Fund Advisors LLC now owns 523,915 shares of the company’s stock worth $6,015,000 after purchasing an additional 52,662 shares in the last quarter. Littlejohn & Co. LLC lifted its holdings in Alvotech by 7.6% in the 1st quarter. Littlejohn & Co. LLC now owns 1,218,534 shares of the company’s stock worth $14,890,000 after purchasing an additional 86,143 shares in the last quarter. Vanguard Group Inc. purchased a new position in Alvotech in the 3rd quarter worth approximately $26,278,000. Finally, Oaktree Capital Management LP lifted its holdings in Alvotech by 8.1% in the 4th quarter. Oaktree Capital Management LP now owns 5,450,896 shares of the company’s stock worth $62,576,000 after purchasing an additional 407,391 shares in the last quarter.

About Alvotech

Alvotech, through its subsidiaries, develops and manufactures biosimilar medicines for patients worldwide. It offers biosimilar products in the therapeutic areas of autoimmune, eye, and bone disorders, as well as cancer. The company's lead program is AVT02, a high concentration formulation biosimilar to Humira to treat various inflammatory conditions, including rheumatoid arthritis, psoriatic arthritis, Crohn's disease, ulcerative colitis, plaque psoriasis, and other indications; AVT04, a biosimilar to Stelara to treat various inflammatory conditions comprising psoriatic arthritis, Crohn's disease, ulcerative colitis, plaque psoriasis, and other indications; AVT06, a biosimilar to Eylea to treat various conditions, such as age-related macular degeneration, macular edema, and diabetic retinopathy; and AVT03, a biosimilar to Xgeva and Prolia, which is in the pre-clinical phase to treat prevent bone fracture, spinal cord compression, and the need for radiation or bone surgery in patients with certain types of cancer, as well as prevent bone loss and increase bone mass.