Alvotech (NASDAQ:ALVO) Shares Gap Up – Here’s What Happened

Alvotech (NASDAQ:ALVO) gapped up prior to trading on Friday . The stock had previously closed at $12.41, but opened at $12.80. Alvotech shares last traded at $12.87, with a volume of 15,533 shares changing hands.

Alvotech Stock Performance

The firm has a market capitalization of $3.87 billion, a P/E ratio of -6.94 and a beta of -0.19. The stock has a fifty day moving average price of $12.50 and a two-hundred day moving average price of $12.12.

Institutional Investors Weigh In On Alvotech

A number of institutional investors have recently made changes to their positions in ALVO. China Universal Asset Management Co. Ltd. acquired a new position in Alvotech during the 4th quarter valued at approximately $748,000. Royce & Associates LP lifted its holdings in shares of Alvotech by 39.4% in the third quarter. Royce & Associates LP now owns 131,000 shares of the company’s stock valued at $1,559,000 after buying an additional 37,000 shares during the period. PointState Capital LP lifted its holdings in shares of Alvotech by 3.6% in the third quarter. PointState Capital LP now owns 756,553 shares of the company’s stock valued at $9,003,000 after buying an additional 26,481 shares during the period. Tempus Wealth Planning LLC acquired a new stake in shares of Alvotech in the fourth quarter valued at $310,000. Finally, Geode Capital Management LLC lifted its holdings in shares of Alvotech by 11.2% in the third quarter. Geode Capital Management LLC now owns 209,257 shares of the company’s stock valued at $2,490,000 after buying an additional 21,022 shares during the period.

Alvotech Company Profile

Alvotech, through its subsidiaries, develops and manufactures biosimilar medicines for patients worldwide. It offers biosimilar products in the therapeutic areas of autoimmune, eye, and bone disorders, as well as cancer. The company's lead program is AVT02, a high concentration formulation biosimilar to Humira to treat various inflammatory conditions, including rheumatoid arthritis, psoriatic arthritis, Crohn's disease, ulcerative colitis, plaque psoriasis, and other indications; AVT04, a biosimilar to Stelara to treat various inflammatory conditions comprising psoriatic arthritis, Crohn's disease, ulcerative colitis, plaque psoriasis, and other indications; AVT06, a biosimilar to Eylea to treat various conditions, such as age-related macular degeneration, macular edema, and diabetic retinopathy; and AVT03, a biosimilar to Xgeva and Prolia, which is in the pre-clinical phase to treat prevent bone fracture, spinal cord compression, and the need for radiation or bone surgery in patients with certain types of cancer, as well as prevent bone loss and increase bone mass.