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

Alvotech (NASDAQ:ALVO)’s stock price 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 trading, a decline of 46% from the average daily volume of 174,914 shares. The stock had previously closed at $11.70.

Analysts Set New Price Targets

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

Alvotech Stock Up 5.1 %

The stock has a market cap of $3.71 billion, a P/E ratio of -6.64 and a beta of -0.19. The business’s 50-day simple moving average is $12.78 and its two-hundred day simple moving average is $12.21.

Hedge Funds Weigh In On Alvotech

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in shares of Alvotech by 0.8% in the fourth 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 during the period. PointState Capital LP boosted its position 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 valued at $16,423,000 after acquiring an additional 484,826 shares during the period. Geode Capital Management LLC boosted its position in shares of Alvotech by 4.0% in the fourth 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 during the period. Royce & Associates LP boosted its position in shares of Alvotech by 21.4% in the fourth 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 during the period. Finally, China Universal Asset Management Co. Ltd. bought a new position in shares of Alvotech in the fourth quarter valued at approximately $748,000.

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.