Alvotech (NASDAQ:ALVO) Trading Down 3.5% – Here’s What Happened

Alvotech (NASDAQ:ALVO) shares dropped 3.5% during trading on Wednesday . The stock traded as low as $9.36 and last traded at $9.31. Approximately 3,370 shares traded hands during trading, a decline of 98% from the average daily volume of 138,094 shares. The stock had previously closed at $9.64.

Wall Street Analysts Forecast Growth

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

Alvotech Trading Down 4.0 %

The business has a 50-day moving average price of $11.83 and a 200 day moving average price of $12.16. The stock has a market capitalization of $2.79 billion, a P/E ratio of -5.00 and a beta of -0.16.

Alvotech (NASDAQ:ALVO) last released its quarterly earnings data on Wednesday, March 26th. The company reported ($0.24) EPS for the quarter, beating the consensus estimate of ($0.74) by $0.50. The business had revenue of $153.34 million for the quarter, compared to the consensus estimate of $97.99 million. On average, sell-side analysts predict that Alvotech will post -0.07 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Alvotech

Institutional investors and hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC lifted its position in Alvotech by 11.2% in the third quarter. Geode Capital Management LLC now owns 209,257 shares of the company’s stock worth $2,490,000 after buying an additional 21,022 shares during the last quarter. China Universal Asset Management Co. Ltd. purchased a new position in shares of Alvotech during the 4th quarter worth about $748,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Alvotech during the 4th quarter valued at about $113,000. Royce & Associates LP raised its position in Alvotech by 21.4% in the 4th quarter. Royce & Associates LP now owns 159,000 shares of the company’s stock worth $2,104,000 after purchasing an additional 28,000 shares during the period. Finally, Tempus Wealth Planning LLC purchased a new position in shares of Alvotech during the fourth quarter valued at approximately $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.