Alvotech (NASDAQ:ALVO) Issues Earnings Results

Alvotech (NASDAQ:ALVO) announced its earnings results on Wednesday. The company reported ($0.24) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.74) by $0.50, Zacks reports.

Alvotech Trading Down 0.9 %

NASDAQ ALVO traded down $0.11 on Wednesday, hitting $11.55. 96,280 shares of the company were exchanged, compared to its average volume of 136,383. The company has a market cap of $3.48 billion, a PE ratio of -6.24 and a beta of -0.16. The stock has a fifty day moving average of $12.14 and a 200-day moving average of $12.18. Alvotech has a 12 month low of $9.15 and a 12 month high of $14.76.

Analyst Upgrades and Downgrades

Separately, UBS Group began coverage on Alvotech in a research note on Friday, February 14th. They set a “buy” rating and a $18.00 target price for the company.

Alvotech Company Profile

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.