Alvotech (NASDAQ:ALVO) Given New $18.00 Price Target at Barclays

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

Alvotech Stock Up 2.7 %

NASDAQ:ALVO opened at $11.59 on Thursday. Alvotech has a twelve month low of $8.29 and a twelve month high of $18.00. The stock’s 50 day moving average price is $13.00 and its two-hundred day moving average price is $13.79.

Alvotech (NASDAQ:ALVO) last posted its quarterly earnings results on Wednesday, May 22nd. The company reported ($0.89) earnings per share 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 period in the previous year, the firm posted ($1.24) EPS. Sell-side analysts anticipate that Alvotech will post -0.66 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Oaktree Capital Management LP lifted its stake in shares of Alvotech by 8.1% in the 4th 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 during the last quarter. Vanguard Group Inc. raised its position in Alvotech by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 3,125,784 shares of the company’s stock worth $38,197,000 after purchasing an additional 63,948 shares during the last quarter. Littlejohn & Co. LLC raised its position in Alvotech by 7.6% during 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 during the last quarter. Finally, Oaktree Fund Advisors LLC raised its position in Alvotech by 11.2% during 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 during 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.