Alvotech (NASDAQ:ALVO) Hits New 12-Month Low – What’s Next?

Alvotech (NASDAQ:ALVO) hit a new 52-week low on Thursday . The company traded as low as $9.15 and last traded at $9.19, with a volume of 168910 shares traded. The stock had previously closed at $9.64.

Analyst Ratings Changes

Separately, UBS Group assumed coverage on Alvotech in a research report on Friday, February 14th. They set a “buy” rating and a $18.00 price objective on the stock.

Alvotech Stock Performance

The firm’s 50 day moving average is $11.58 and its 200 day moving average is $12.10. The stock has a market cap of $2.56 billion, a P/E ratio of -4.59 and a beta of -0.16.

Alvotech (NASDAQ:ALVO) last issued its quarterly earnings results on Wednesday, March 26th. The company reported ($0.24) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.74) by $0.50. The business had revenue of $153.34 million for the quarter, compared to analyst estimates of $97.99 million. As a group, analysts expect that Alvotech will post -0.07 EPS for the current fiscal year.

Institutional Investors Weigh In On Alvotech

Several institutional investors have recently added to or reduced their stakes in ALVO. BNP Paribas Financial Markets acquired a new position in shares of Alvotech during the fourth quarter valued at about $66,000. GF Fund Management CO. LTD. acquired a new position in Alvotech during the 4th quarter valued at approximately $74,000. Wolverine Asset Management LLC increased its stake in Alvotech by 27.5% during the 4th quarter. Wolverine Asset Management LLC now owns 7,448 shares of the company’s stock valued at $99,000 after purchasing an additional 1,607 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Alvotech in the fourth quarter worth $113,000. Finally, Invesco Ltd. acquired a new stake in shares of Alvotech during the fourth quarter worth $148,000.

About Alvotech

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.