UBS Group Initiates Coverage on Alvotech (NASDAQ:ALVO)

Equities researchers at UBS Group started coverage on shares of Alvotech (NASDAQ:ALVO) in a research report issued on Friday,Briefing.com Automated Import reports. The firm set a “buy” rating and a $18.00 price target on the stock. UBS Group’s target price would indicate a potential upside of 40.85% from the company’s current price.

Alvotech Stock Performance

Shares of ALVO opened at $12.78 on Friday. The company’s fifty day moving average is $12.66 and its 200 day moving average is $12.18. Alvotech has a fifty-two week low of $9.15 and a fifty-two week high of $18.00. The stock has a market capitalization of $3.85 billion, a PE ratio of -6.91 and a beta of -0.19.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Wolverine Asset Management LLC bought a new position in Alvotech during the third quarter valued at $70,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Alvotech during the fourth quarter valued at $113,000. Invesco Ltd. bought a new position in Alvotech during the fourth quarter valued at $148,000. Barclays PLC bought a new position in Alvotech during the fourth quarter valued at $210,000. Finally, ADAR1 Capital Management LLC bought a new position in Alvotech during the fourth quarter valued at $273,000.

About Alvotech

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.