Alvotech (NASDAQ:ALVO) Stock Price Up 5.5% – Here’s Why

Alvotech (NASDAQ:ALVO) shares rose 5.5% on Friday . The company traded as high as $12.38 and last traded at $12.35. Approximately 94,093 shares traded hands during mid-day trading, a decline of 46% from the average daily volume of 174,914 shares. The stock had previously closed at $11.70.

Analyst Ratings Changes

Separately, UBS Group initiated coverage on shares of Alvotech in a research note on Friday, February 14th. They issued a “buy” rating and a $18.00 target price on the stock.

Alvotech Price Performance

The stock has a market capitalization of $3.71 billion, a PE ratio of -6.64 and a beta of -0.19. The firm’s 50 day simple moving average is $12.78 and its 200 day simple moving average is $12.21.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Geode Capital Management LLC raised its stake in shares of Alvotech by 11.2% during the third quarter. Geode Capital Management LLC now owns 209,257 shares of the company’s stock worth $2,490,000 after acquiring an additional 21,022 shares in the last quarter. China Universal Asset Management Co. Ltd. purchased a new position in shares of Alvotech in the fourth quarter worth $748,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Alvotech in the fourth quarter worth $113,000. Tempus Wealth Planning LLC purchased a new position in shares of Alvotech in the fourth quarter worth $310,000. Finally, Wolverine Asset Management LLC purchased a new position in shares of Alvotech in the third quarter worth $70,000.

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.