Alvotech (NASDAQ:ALVO) Stock Price Down 7.6% – What’s Next?

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

Wall Street Analyst Weigh In

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

Alvotech Stock Performance

The firm has a market capitalization of $2.88 billion, a PE ratio of -5.16 and a beta of -0.16. The firm’s 50 day moving average price is $11.97 and its 200-day moving average price is $12.15.

Alvotech (NASDAQ:ALVO) last issued its quarterly earnings results on Wednesday, March 26th. The company reported ($0.24) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.74) by $0.50. The business had revenue of $153.34 million for the quarter, compared to analysts’ expectations of $97.99 million. On average, equities research analysts expect that Alvotech will post -0.07 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Alvotech

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets purchased a new stake in shares of Alvotech during the fourth quarter worth about $66,000. GF Fund Management CO. LTD. acquired a new stake in Alvotech in the 4th quarter worth about $74,000. Wolverine Asset Management LLC increased its stake in Alvotech by 27.5% during the 4th quarter. Wolverine Asset Management LLC now owns 7,448 shares of the company’s stock worth $99,000 after buying an additional 1,607 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Alvotech during the fourth quarter valued at approximately $113,000. Finally, Invesco Ltd. purchased a new position in shares of 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.