Shares of Alvotech (ALVO) surged 5.92% in after-hours trading on Friday, building on positive sentiment from earlier in the day. The biotechnology company's stock movement comes in the wake of a bullish analyst report.

Earlier on Friday, Northland Securities analyst Carl Byrnes reaffirmed a Buy rating on Alvotech, setting an ambitious price target of $28.00. This vote of confidence from a respected market analyst appears to have fueled investor optimism, contributing to the stock's significant after-hours gain.

While the exact reasons for the timing of the after-hours surge remain unclear, it's possible that investors took time to digest the analyst's report throughout the day before acting on the information. As always, investors should be cautious about after-hours movements, which can sometimes be more volatile due to lower trading volumes. The true test for Alvotech will be how the stock performs when regular trading resumes.