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

Shares of Alvotech (NASDAQ:ALVO) were down 6.7% during mid-day trading on Wednesday . The stock traded as low as $11.81 and last traded at $11.74. Approximately 83,811 shares traded hands during trading, a decline of 52% from the average daily volume of 175,375 shares. The stock had previously closed at $12.58.

Analyst Upgrades and Downgrades

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

Alvotech Stock Up 5.0 %

The stock has a market cap of $3.70 billion, a PE ratio of -6.64 and a beta of -0.19. The company has a fifty day moving average price of $12.78 and a 200 day moving average price of $12.21.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of ALVO. PointState Capital LP increased its holdings in shares of Alvotech by 64.1% in the fourth quarter. PointState Capital LP now owns 1,241,379 shares of the company’s stock worth $16,423,000 after buying an additional 484,826 shares during the period. China Universal Asset Management Co. Ltd. purchased a new position in shares of Alvotech in the fourth quarter worth about $748,000. Royce & Associates LP increased its holdings in Alvotech by 39.4% during the 3rd quarter. Royce & Associates LP now owns 131,000 shares of the company’s stock valued at $1,559,000 after purchasing an additional 37,000 shares during the period. Vanguard Group Inc. increased its holdings in Alvotech by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 3,196,923 shares of the company’s stock valued at $40,905,000 after purchasing an additional 23,799 shares during the period. Finally, Tempus Wealth Planning LLC purchased a new position in Alvotech during the 4th quarter valued at about $310,000.

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.