Alvotech (NASDAQ:ALVO) Shares Down 7.6% – Here’s What Happened

Alvotech (NASDAQ:ALVO)’s share price was down 7.6% during trading on Thursday . The stock traded as low as $10.50 and last traded at $10.68. Approximately 88,736 shares were traded during trading, a decline of 35% from the average daily volume of 136,431 shares. The stock had previously closed at $11.55.

Wall Street Analysts Forecast Growth

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

Alvotech Price Performance

The company has a fifty day simple moving average of $12.11 and a two-hundred day simple moving average of $12.18. The company has a market capitalization of $3.27 billion, a P/E ratio of -5.86 and a beta of -0.16.

Alvotech (NASDAQ:ALVO) last issued its quarterly earnings data on Wednesday, March 26th. The company reported ($0.24) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.74) by $0.50. The firm had revenue of $153.34 million during the quarter, compared to analyst estimates of $97.99 million. Equities analysts anticipate that Alvotech will post -0.07 earnings per share for the current year.

Hedge Funds Weigh In On Alvotech

Institutional investors have recently made changes to their positions in the business. PointState Capital LP raised its stake in shares of Alvotech by 3.6% in the third quarter. PointState Capital LP now owns 756,553 shares of the company’s stock valued at $9,003,000 after purchasing an additional 26,481 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Alvotech by 11.2% in the third quarter. Geode Capital Management LLC now owns 209,257 shares of the company’s stock valued at $2,490,000 after acquiring an additional 21,022 shares during the last quarter. China Universal Asset Management Co. Ltd. bought a new stake in shares of Alvotech during the fourth quarter worth $748,000. Tempus Wealth Planning LLC bought a new position in shares of Alvotech in the fourth quarter valued at about $310,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in Alvotech during the 4th quarter worth about $113,000.

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.