Alvotech (NASDAQ:ALVO) Stock Price Down 3.5% – Here’s Why

Alvotech (NASDAQ:ALVO) shares traded down 3.5% during mid-day trading on Wednesday . The company traded as low as $9.36 and last traded at $9.31. 3,370 shares changed hands during mid-day trading, a decline of 98% from the average session volume of 138,094 shares. The stock had previously closed at $9.64.

Analyst Ratings Changes

Separately, UBS Group started coverage on shares of Alvotech in a report on Friday, February 14th. They set a “buy” rating and a $18.00 target price for the company.

Alvotech Price Performance

The business has a 50-day simple moving average of $11.83 and a 200 day simple moving average of $12.16. The firm has a market cap of $2.79 billion, a PE ratio of -5.00 and a beta of -0.16.

Alvotech (NASDAQ:ALVO) last released its earnings results on Wednesday, March 26th. The company reported ($0.24) EPS for the quarter, topping analysts’ consensus estimates of ($0.74) by $0.50. The firm had revenue of $153.34 million for the quarter, compared to the consensus estimate of $97.99 million. On average, equities analysts forecast that Alvotech will post -0.07 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ALVO. Wolverine Asset Management LLC lifted its position in shares of Alvotech by 27.5% in the fourth quarter. Wolverine Asset Management LLC now owns 7,448 shares of the company’s stock valued at $99,000 after acquiring an additional 1,607 shares in the last quarter. Bank of America Corp DE raised its stake in Alvotech by 19.7% during the 4th quarter. Bank of America Corp DE now owns 16,240 shares of the company’s stock valued at $215,000 after purchasing an additional 2,677 shares during the period. BNP Paribas Financial Markets purchased a new position in Alvotech in the 4th quarter worth approximately $66,000. GF Fund Management CO. LTD. bought a new position in Alvotech in the 4th quarter worth approximately $74,000. Finally, Geode Capital Management LLC grew its holdings in Alvotech by 4.0% during the 4th quarter. Geode Capital Management LLC now owns 217,587 shares of the company’s stock valued at $2,879,000 after buying an additional 8,330 shares in the last quarter.

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.