Barclays Lowers Alvotech (NASDAQ:ALVO) Price Target to $18.00

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

Alvotech Stock Down 2.7 %

Shares of ALVO stock opened at $11.29 on Thursday. The stock has a fifty day moving average of $13.04 and a 200 day moving average of $13.77. Alvotech has a 52 week low of $8.29 and a 52 week high of $18.00.

Alvotech (NASDAQ:ALVO) last posted 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 business had revenue of $36.89 million during the quarter. During the same period in the prior year, the business earned ($1.24) earnings per share. Equities analysts anticipate that Alvotech will post -0.66 EPS for the current year.

Hedge Funds Weigh In On Alvotech

Institutional investors have recently added to or reduced their stakes in the company. Oaktree Fund Advisors LLC raised its holdings in Alvotech by 11.2% in the fourth 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 raised its holdings in Alvotech by 7.6% in the first 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. bought a new position in shares of Alvotech during the third quarter valued at $26,278,000. Finally, Oaktree Capital Management LP increased its holdings in shares of Alvotech by 8.1% during the fourth quarter. Oaktree Capital Management LP now owns 5,450,896 shares of the company’s stock valued at $62,576,000 after acquiring an additional 407,391 shares in the last quarter.

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.