Alvotech (NYSE:ALVO) Releases Earnings Results

Alvotech (NYSE:ALVO) posted its earnings results on Tuesday. The company reported ($0.89) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.81), Yahoo Finance reports. During the same period last year, the company earned ($1.24) earnings per share. Alvotech updated its FY 2024 guidance to EPS.

Alvotech Stock Performance

ALVO stock opened at $13.94 on Wednesday. Alvotech has a 1 year low of $6.70 and a 1 year high of $18.00. The stock’s fifty day moving average price is $13.42 and its 200-day moving average price is $12.83.

Analysts Set New Price Targets

Separately, Barclays lifted their target price on 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.