Alvotech (NASDAQ:ALVO) Announces Earnings Results

Alvotech (NASDAQ:ALVO) posted its earnings results on Wednesday. The company reported ($0.24) EPS for the quarter, topping the consensus estimate of ($0.74) by $0.50, Zacks reports.

Alvotech Price Performance

Shares of Alvotech stock traded down $0.11 during trading hours on Wednesday, hitting $11.55. The company’s stock had a trading volume of 96,280 shares, compared to its average volume of 136,381. The stock has a 50 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. The company has a market capitalization of $3.48 billion, a PE ratio of -6.24 and a beta of -0.16.

Analysts Set New Price Targets

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