Alvotech (NYSE:ALVO) Releases Quarterly Earnings Results, Misses Estimates By $0.81 EPS

Alvotech (NYSE:ALVO) issued its quarterly earnings data on Wednesday. The company reported ($0.89) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.81), Yahoo Finance reports. The firm had revenue of $36.89 million during the quarter. During the same period in the previous year, the firm earned ($1.24) earnings per share.

Alvotech Trading Down 3.0 %

Shares of ALVO opened at $13.58 on Friday. Alvotech has a fifty-two week low of $6.70 and a fifty-two week high of $18.00. The stock has a fifty day moving average of $13.36 and a two-hundred day moving average of $12.85.

Analyst Upgrades and Downgrades

Separately, Barclays raised their price target on Alvotech from $17.00 to $20.00 and gave the company an “overweight” rating in a research note on Friday, March 22nd.

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.