Alvotech (NASDAQ:ALVO) Earns Buy Rating from Analysts at UBS Group

Stock analysts at UBS Group assumed coverage on shares of Alvotech (NASDAQ:ALVO) in a research report issued to clients and investors on Friday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $18.00 price target on the stock. UBS Group’s target price indicates a potential upside of 40.85% from the company’s current price.

Alvotech Trading Up 1.0 %

NASDAQ ALVO opened at $12.78 on Friday. The company’s 50-day moving average price is $12.66 and its 200-day moving average price is $12.18. The stock has a market cap of $3.85 billion, a PE ratio of -6.91 and a beta of -0.19. Alvotech has a 12 month low of $9.15 and a 12 month high of $18.00.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Wolverine Asset Management LLC purchased a new stake in Alvotech in the third quarter worth about $70,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Alvotech in the fourth quarter worth about $113,000. Invesco Ltd. purchased a new stake in Alvotech in the fourth quarter worth about $148,000. Barclays PLC purchased a new stake in Alvotech in the fourth quarter worth about $210,000. Finally, ADAR1 Capital Management LLC purchased a new stake in Alvotech in the fourth quarter worth about $273,000.

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.