Alvotech (NASDAQ:ALVO) Shares Gap Up – Here’s What Happened

Alvotech (NASDAQ:ALVO)’s share price gapped up before the market opened on Friday . The stock had previously closed at $12.41, but opened at $12.80. Alvotech shares last traded at $12.87, with a volume of 15,533 shares traded.

Alvotech Stock Up 3.4 %

The company has a market capitalization of $3.87 billion, a price-to-earnings ratio of -6.94 and a beta of -0.19. The business has a 50-day moving average price of $12.50 and a 200-day moving average price of $12.12.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC boosted its stake in shares of Alvotech by 11.2% during the 3rd 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. Wolverine Asset Management LLC bought a new stake in shares of Alvotech during the 3rd quarter worth about $70,000. PointState Capital LP boosted its stake in shares of Alvotech by 3.6% during the 3rd quarter. PointState Capital LP now owns 756,553 shares of the company’s stock worth $9,003,000 after acquiring an additional 26,481 shares in the last quarter. Royce & Associates LP boosted its stake in shares of Alvotech by 39.4% during the 3rd quarter. Royce & Associates LP now owns 131,000 shares of the company’s stock worth $1,559,000 after acquiring an additional 37,000 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Alvotech during the 4th quarter worth about $113,000.

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.