UBS lowered the firm’s price target on Alvotech (ALVO) to $14 from $16 and keeps a Buy rating on the shares. The stock is down 35% year-to-date, which UBS sees as an attractive entry point ahead of a strong second half revenue ramp, three product approvals and significant milestone payments, the analyst tells investors in a research note. The pricing pressure for b-Stelara was already reflected in the revised company guidance, UBS argues.
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