Alvotech (NASDAQ:ALVO) Coverage Initiated at UBS Group

Equities researchers at UBS Group assumed coverage on shares of Alvotech (NASDAQ:ALVO) in a research report issued to clients and investors on Friday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $18.00 price target on the stock. UBS Group’s target price suggests a potential upside of 38.57% from the stock’s current price.

Alvotech Trading Up 1.6 %

Shares of NASDAQ ALVO opened at $12.99 on Friday. Alvotech has a one year low of $9.15 and a one year high of $18.00. The firm has a market capitalization of $3.92 billion, a PE ratio of -7.02 and a beta of -0.19. The business has a 50-day moving average price of $12.72 and a two-hundred day moving average price of $12.19.

Institutional Investors Weigh In On Alvotech

Hedge funds and other institutional investors have recently made changes to their positions in the company. Wolverine Asset Management LLC purchased a new stake in shares of Alvotech during the 3rd quarter worth about $70,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Alvotech during the 4th quarter worth about $113,000. Invesco Ltd. purchased a new stake in shares of Alvotech during the 4th quarter worth about $148,000. Barclays PLC purchased a new stake in shares of Alvotech during the 4th quarter worth about $210,000. Finally, ADAR1 Capital Management LLC purchased a new stake in shares of Alvotech during the 4th 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.