Northland lowered the firm’s price target on Alvotech (ALVO) to $10 from $28 and keeps an Outperform rating on the shares after the company received a Complete Response Letter for AVT05 following FDA inspection findings at its Reykjavik site. The company lowered FY25 revenue and adjusted EBITDA guidance as a result, notes the firm, which expects outstanding BLAs for AVT03 and AVT06 to be delayed as well.
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