Alvotech initiated with an Underweight at Barclays

Barclays analyst Glen Santangelo initiated coverage of Alvotech (ALVO) with an Underweight rating and $5 price target The firm rolled out coverage on the specialty pharmaceuticals industry with a neutral view, saying investor sentiment is improving as companies shift focus to innovation, margin expansion and de-leveraging. The group’s pricing headwinds are easing while debt leverage is coming down, the analyst tells investors in a research note. Barclays sees “plenty of opportunity” as the sector “remains in a transition phase.”