Shares of biosimilars developer Alvotech (NASDAQ:ALVO) are trending upward today after the U.S. Food and Drug Administration (FDA) accepted its biologics license application (BLA) for AVT04 for review.
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The drug is a biosimilar to Stelara for the treatment of different inflammatory conditions. Now, Alvotech and its partner Teva Pharmaceuticals (NYSE:TEVA) expect the review of the BLA to be completed in H2 2023.
The two companies teamed up in 2020 to commercialize five of Alvotech’s product candidates in the U.S. AVT04 had achieved its primary endpoint in a trial for the treatment of chronic plaque-type psoriasis in May last year.
At present, the consensus rating for ALVO remains a Hold alongside an average price target of $8. This points to a potential 20.4% downside in the stock. That’s after a hefty 57.3% price gain over the past month alone.
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