Alvotech (NASDAQ:ALVO - Get Free Report) was down 7.6% on Thursday . The company traded as low as $10.50 and last traded at $10.68. Approximately 88,736 shares changed hands during trading, a decline of 35% from the average daily volume of 136,431 shares. The stock had previously closed at $11.55.
Analyst Upgrades and Downgrades
Separately, UBS Group assumed coverage on Alvotech in a report on Friday, February 14th. They issued a "buy" rating and a $18.00 price objective for the company.
Check Out Our Latest Analysis on ALVO
Alvotech Stock Performance
The stock has a market capitalization of $2.92 billion, a price-to-earnings ratio of -5.23 and a beta of -0.16. The firm's 50 day moving average is $11.97 and its 200-day moving average is $12.17.
Alvotech (NASDAQ:ALVO - Get Free Report) last posted its quarterly earnings data on Wednesday, March 26th. The company reported ($0.24) earnings per share (EPS) 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. As a group, sell-side analysts forecast that Alvotech will post -0.07 earnings per share for the current year.
Institutional Trading of Alvotech
Several large investors have recently bought and sold shares of the business. Geode Capital Management LLC grew its holdings 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 purchasing an additional 21,022 shares during the period. China Universal Asset Management Co. Ltd. purchased a new stake in shares of Alvotech in the 4th quarter valued at approximately $748,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Alvotech during the 4th quarter worth approximately $113,000. Royce & Associates LP raised its position in shares of Alvotech by 21.4% during the 4th quarter. Royce & Associates LP now owns 159,000 shares of the company's stock valued at $2,104,000 after buying an additional 28,000 shares during the period. Finally, Tempus Wealth Planning LLC acquired a new position in Alvotech in the fourth quarter valued at approximately $310,000.
About Alvotech
(
Get Free Report)
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.
See Also
Before you consider Alvotech, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Alvotech wasn't on the list.
While Alvotech currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
With the proliferation of data centers and electric vehicles, the electric grid will only get more strained. Download this report to learn how energy stocks can play a role in your portfolio as the global demand for energy continues to grow.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
