Alvotech selloff brings ‘unique buying opportunity,’ says Northland

Northland views the recent pullback in shares of Alvotech as a “unique buying opportunity.” The analyst sees several near-term catalysts for the sock, including the announcements of major healthcare payer contracts for Simlandi, FDA approval of AVT04, a Stelara biosimilar, in mid-April, and submission three biologics license applications in fiscal 2024. The firm sees Alvotech emerging as a global leader in the biosimilars segment with a “vast pipeline” that addresses reference product sales with peak sales of $100B. The stock remains a top pick at Northland with a $28 price target.