Alvotech (NYSE:ALVO) Announces Quarterly Earnings Results

Alvotech (NYSE:ALVO) issued its earnings results on Tuesday. The company reported ($0.89) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.81), Yahoo Finance reports. The business had revenue of $36.89 million for the quarter. During the same period in the previous year, the firm earned ($1.24) earnings per share. Alvotech updated its FY 2024 guidance to EPS.

Alvotech Trading Down 3.0 %

ALVO stock traded down $0.42 during mid-day trading on Thursday, reaching $13.58. 148,745 shares of the stock traded hands, compared to its average volume of 266,777. Alvotech has a one year low of $6.70 and a one year high of $18.00. The business has a 50-day moving average price of $13.39 and a two-hundred day moving average price of $12.84.

Wall Street Analyst Weigh In

Separately, Barclays boosted their target price on shares of Alvotech from $17.00 to $20.00 and gave the stock an “overweight” rating in a report on Friday, March 22nd.

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.