Alvotech (NASDAQ:ALVO) Sets New 1-Year Low - Here's What Happened

Alvotech (NASDAQ:ALVO - Get Free Report)'s share price reached a new 52-week low during trading on Thursday . The company traded as low as $7.35 and last traded at $8.74, with a volume of 409922 shares. The stock had previously closed at $8.06.

Analysts Set New Price Targets

Separately, UBS Group assumed coverage on Alvotech in a research report on Friday, February 14th. They issued a "buy" rating and a $18.00 target price on the stock.

Alvotech Price Performance

The firm has a market capitalization of $2.55 billion, a P/E ratio of -4.56 and a beta of -0.05. The firm's 50 day moving average is $10.91 and its two-hundred day moving average is $11.95.

Alvotech (NASDAQ:ALVO - Get Free Report) last announced 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 firm had revenue of $153.34 million during the quarter, compared to the consensus estimate of $97.99 million. Analysts anticipate that Alvotech will post -0.07 EPS for the current fiscal year.

Institutional Trading of Alvotech

Institutional investors and hedge funds have recently bought and sold shares of the business. Wolverine Asset Management LLC increased its holdings 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 worth $99,000 after acquiring an additional 1,607 shares during the last quarter. Bank of America Corp DE boosted its position in Alvotech by 19.7% during the fourth quarter. Bank of America Corp DE now owns 16,240 shares of the company's stock worth $215,000 after purchasing an additional 2,677 shares during the period. BNP Paribas Financial Markets bought a new position in Alvotech during the fourth quarter worth $66,000. GF Fund Management CO. LTD. bought a new position in shares of Alvotech in the fourth quarter valued at about $74,000. Finally, Geode Capital Management LLC raised its position in shares of Alvotech by 4.0% in the fourth quarter. Geode Capital Management LLC now owns 217,587 shares of the company's stock valued at $2,879,000 after purchasing an additional 8,330 shares during the period.

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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.