Alvotech (NASDAQ:ALVO) Hits New 12-Month Low – What’s Next?

Alvotech (NASDAQ:ALVO)’s stock price hit a new 52-week low on Thursday . The stock traded as low as $9.15 and last traded at $9.19, with a volume of 168910 shares traded. The stock had previously closed at $9.64.

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 price target for the company.

Alvotech Trading Down 8.3 %

The firm has a 50-day simple moving average of $11.58 and a two-hundred day simple moving average of $12.10. The company has a market capitalization of $2.56 billion, a price-to-earnings ratio of -4.59 and a beta of -0.16.

Alvotech (NASDAQ:ALVO) last announced its quarterly earnings results on Wednesday, March 26th. The company reported ($0.24) earnings per share for the quarter, beating the consensus estimate of ($0.74) by $0.50. The company had revenue of $153.34 million for the quarter, compared to analysts’ expectations of $97.99 million. Equities research analysts anticipate that Alvotech will post -0.07 EPS for the current year.

Hedge Funds Weigh In On Alvotech

Several large investors have recently made changes to their positions in the company. BNP Paribas Financial Markets acquired a new stake in Alvotech during the fourth quarter valued at $66,000. GF Fund Management CO. LTD. acquired a new stake in shares of Alvotech during the 4th quarter valued at about $74,000. Wolverine Asset Management LLC grew its position in shares of Alvotech by 27.5% during the 4th quarter. Wolverine Asset Management LLC now owns 7,448 shares of the company’s stock valued at $99,000 after acquiring an additional 1,607 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new position in Alvotech in the 4th quarter worth about $113,000. Finally, Invesco Ltd. acquired a new stake in Alvotech in the fourth quarter valued at approximately $148,000.

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.