Alvotech (NASDAQ:ALVO) Shares Gap Up – What’s Next?

Alvotech (NASDAQ:ALVO) gapped up before the market opened on Monday . The stock had previously closed at $11.91, but opened at $12.49. Alvotech shares last traded at $12.32, with a volume of 8,221 shares trading hands.

Alvotech Trading Up 0.3 %

The stock’s fifty day simple moving average is $12.21 and its 200 day simple moving average is $12.09. The company has a market cap of $3.79 billion, a price-to-earnings ratio of -6.79 and a beta of -0.15.

Hedge Funds Weigh In On Alvotech

A number of institutional investors have recently added to or reduced their stakes in ALVO. Richmond Brothers Inc. acquired a new stake in shares of Alvotech in the 2nd quarter worth $170,000. Wolverine Asset Management LLC purchased a new stake in shares of Alvotech in the third quarter valued at about $70,000. PointState Capital LP increased its position in Alvotech by 3.6% during the third quarter. PointState Capital LP now owns 756,553 shares of the company’s stock worth $9,003,000 after purchasing an additional 26,481 shares during the last quarter. Royce & Associates LP raised its stake in Alvotech by 39.4% during the third quarter. Royce & Associates LP now owns 131,000 shares of the company’s stock worth $1,559,000 after purchasing an additional 37,000 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in Alvotech by 11.2% in the 3rd quarter. Geode Capital Management LLC now owns 209,257 shares of the company’s stock valued at $2,490,000 after purchasing an additional 21,022 shares during 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.