Barclays upgraded Alvotech (ALVO) to Overweight with an $8 target, signaling potential upside. The stock gained about 7.8% to $5.41 on the news, suggesting near-term upside. The broader market strengthened, with the Nasdaq up around 150 points, while LuxExperience posted mixed Q4 results and shares rose on the session.
ALVO received a complete response letter (CRL) from the FDA. Deficiencies noted in the BLA for AVT05 biosimilar to Simponi. Total revenue outlook for 2025 revised to $570-$600 million. ALVO stock dropped 33.99% to $5.05 following the news. Current FDA approvals for a Simponi biosimilar remain unachieved.