Alvotech (NASDAQ:ALVO) extended its winning streak to a 5th consecutive day on Monday, jumping 18.51 percent to finish at $5.25 apiece, after the Bank of America (BofA) raised its price target for the company.
In its recent coverage, BofA initiated a buy recommendation on Alvotech shares with a price target of $7, amid the closure of the inspection of its manufacturing facility in Iceland, alongside progress in the commercialization of two of its drug candidates in the US and Asia.
The coverage followed the Food and Drug Administration's (FDA) voluntary closure of its inspection of Alvotech's (NASDAQ:ALVO) manufacturing facility in Reykjavik, Iceland, over several practices at its plant in Reykjavik, such as handling of complaints, subpar contamination prevention procedures, and poor quality and purity vetting, among others.
"This is an important milestone for Alvotech and reflects the significant work our teams have undertaken to further strengthen our quality systems and manufacturing operations," CEO Lisa Graver said.
"With the conclusion of the FDA's recent inspection, we are confident that the actions we have taken have effectively addressed the observations identified. We continue to work with the FDA to advance our recent Biologics License Applications towards approval," she noted.
#recent #inspection #reykjavik #drug
In its recent coverage, BofA initiated a buy recommendation on Alvotech shares with a price target of $7, amid the closure of the inspection of its manufacturing facility in Iceland, alongside progress in the commercialization of two of its drug candidates in the US and Asia.
The coverage followed the Food and Drug Administration's (FDA) voluntary closure of its inspection of Alvotech's (NASDAQ:ALVO) manufacturing facility in Reykjavik, Iceland, over several practices at its plant in Reykjavik, such as handling of complaints, subpar contamination prevention procedures, and poor quality and purity vetting, among others.
"This is an important milestone for Alvotech and reflects the significant work our teams have undertaken to further strengthen our quality systems and manufacturing operations," CEO Lisa Graver said.
"With the conclusion of the FDA's recent inspection, we are confident that the actions we have taken have effectively addressed the observations identified. We continue to work with the FDA to advance our recent Biologics License Applications towards approval," she noted.
#recent #inspection #reykjavik #drug
25 days ago
