Alvotech (NASDAQ:ALVO) Shares Sold by Oaktree Capital Management LP

Oaktree Capital Management LP cut its holdings in Alvotech (NASDAQ:ALVO) by 23.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,925,705 shares of the company’s stock after selling 606,322 shares during the quarter. Oaktree Capital Management LP owned approximately 0.64% of Alvotech worth $25,477,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of ALVO. China Universal Asset Management Co. Ltd. purchased a new position in Alvotech during the fourth quarter worth $748,000. Royce & Associates LP boosted its stake in shares of Alvotech by 21.4% during 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 last quarter. PointState Capital LP raised its stake in Alvotech by 3.6% in the 3rd 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 during the last quarter. Vanguard Group Inc. raised its stake in Alvotech by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 3,196,923 shares of the company’s stock valued at $40,905,000 after purchasing an additional 23,799 shares during the last quarter. Finally, Tempus Wealth Planning LLC purchased a new position in Alvotech in the 4th quarter valued at about $310,000.

Wall Street Analyst Weigh In

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

Alvotech Stock Down 7.8 %

Shares of NASDAQ:ALVO opened at $9.55 on Friday. The company has a market cap of $2.88 billion, a P/E ratio of -5.16 and a beta of -0.16. The business has a fifty day simple moving average of $11.97 and a 200-day simple moving average of $12.16. Alvotech has a 52 week low of $9.15 and a 52 week high of $14.76.

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

Alvotech 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.