Alvotech (NASDAQ:ALVO) Shares Down 6.7% – Here’s Why

Alvotech (NASDAQ:ALVO)’s share price traded down 6.7% on Wednesday . The stock traded as low as $11.81 and last traded at $11.74. 83,811 shares were traded during trading, a decline of 52% from the average session volume of 175,375 shares. The stock had previously closed at $12.58.

Wall Street Analyst Weigh In

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 business has a 50-day moving average price of $12.78 and a 200 day moving average price of $12.21. The stock has a market capitalization of $3.70 billion, a P/E ratio of -6.64 and a beta of -0.19.

Institutional Trading of Alvotech

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in Alvotech by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 3,196,923 shares of the company’s stock valued at $40,905,000 after acquiring an additional 23,799 shares in the last quarter. PointState Capital LP lifted its position in Alvotech by 64.1% in the 4th quarter. PointState Capital LP now owns 1,241,379 shares of the company’s stock valued at $16,423,000 after acquiring an additional 484,826 shares in the last quarter. Geode Capital Management LLC lifted its position in Alvotech by 4.0% in the 4th quarter. Geode Capital Management LLC now owns 217,587 shares of the company’s stock valued at $2,879,000 after acquiring an additional 8,330 shares in the last quarter. Royce & Associates LP lifted its position in Alvotech by 21.4% in the 4th quarter. Royce & Associates LP now owns 159,000 shares of the company’s stock valued at $2,104,000 after acquiring an additional 28,000 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. bought a new position in Alvotech in the 4th quarter valued at approximately $748,000.

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.