Alvotech (NASDAQ:ALVO) Announces Quarterly Earnings Results

Alvotech (NASDAQ:ALVO) released its quarterly earnings results on Wednesday. The company reported ($0.24) earnings per share for the quarter, topping the consensus estimate of ($0.74) by $0.50, Zacks reports. The firm had revenue of $153.34 million for the quarter, compared to analyst estimates of $97.99 million.

Alvotech Stock Performance

Shares of ALVO opened at $10.36 on Friday. Alvotech has a 52 week low of $9.15 and a 52 week high of $14.76. The stock has a market capitalization of $3.12 billion, a price-to-earnings ratio of -5.60 and a beta of -0.16. The stock has a fifty day moving average of $12.05 and a 200-day moving average of $12.16.

Analysts Set New Price Targets

Separately, UBS Group initiated coverage on shares of Alvotech in a report on Friday, February 14th. They set a “buy” rating and a $18.00 target price on the stock.

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.