Alvotech (NASDAQ:ALVO - Get Free Report)'s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $13.10, but opened at $13.42. Alvotech shares last traded at $13.34, with a volume of 2,115 shares changing hands.
Alvotech Stock Performance
The stock has a market cap of $3.99 billion, a P/E ratio of -7.16 and a beta of -0.19. The firm has a 50 day moving average of $12.28 and a two-hundred day moving average of $12.02.
Institutional Trading of Alvotech
Hedge funds have recently bought and sold shares of the stock. Richmond Brothers Inc. bought a new position in shares of Alvotech during the 2nd quarter worth about $170,000. Wolverine Asset Management LLC acquired a new stake in Alvotech during the third quarter worth about $70,000. Royce & Associates LP increased its stake in Alvotech by 39.4% during the third quarter. Royce & Associates LP now owns 131,000 shares of the company's stock valued at $1,559,000 after acquiring an additional 37,000 shares during the period. PointState Capital LP raised its holdings 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 acquiring an additional 26,481 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Alvotech by 11.2% in the 3rd quarter. Geode Capital Management LLC now owns 209,257 shares of the company's stock worth $2,490,000 after acquiring an additional 21,022 shares during the period.
Alvotech Company Profile
(
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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.
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