Alvotech (NASDAQ:ALVOW) Trading Down 14.3% – Here’s What Happened

Shares of Alvotech (NASDAQ:ALVOW) dropped 14.3% during trading on Thursday . The stock traded as low as $2.72 and last traded at $2.72. 3,441 shares traded hands during trading, a decline of 59% from the average daily volume of 8,475 shares. The stock had previously closed at $3.17.

Alvotech Stock Performance

The company’s fifty day moving average is $2.78 and its 200-day moving average is $2.98.

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.