Deutsche downgrades Alvotech on AVT05 complete response letter

Deutsche Bank downgraded Alvotech (ALVO) to Hold from Buy with a price target of $8, down from $14, after the company received a complete response letter from the FDA for AVT05. The CRL noted deficiencies from an FDA inspection of Alvotech’s Reykjavik manufacturing facility, the analyst tells investors in a research note. After speaking to management, Deutsche says the issues identified by the FDA could also lead to CRLs for both the AVT03 and AVT06 launches.