Oaktree Capital Management LP Lowers Holdings in Alvotech (NASDAQ:ALVO)

Oaktree Capital Management LP reduced its stake in Alvotech (NASDAQ:ALVO - Free Report) by 23.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,925,705 shares of the company's stock after selling 606,322 shares during the period. Oaktree Capital Management LP owned 0.64% of Alvotech worth $25,477,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Alvotech by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 3,196,923 shares of the company's stock worth $40,905,000 after acquiring an additional 23,799 shares in the last quarter. PointState Capital LP grew its holdings in shares of Alvotech by 3.6% during the third quarter. PointState Capital LP now owns 756,553 shares of the company's stock worth $9,003,000 after purchasing an additional 26,481 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Alvotech by 11.2% during the third quarter. Geode Capital Management LLC now owns 209,257 shares of the company's stock worth $2,490,000 after purchasing an additional 21,022 shares in the last quarter. Royce & Associates LP increased its position in shares of Alvotech by 21.4% during the fourth quarter. Royce & Associates LP now owns 159,000 shares of the company's stock worth $2,104,000 after purchasing an additional 28,000 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. purchased a new stake in shares of Alvotech in the 4th quarter valued at about $748,000.

Alvotech Stock Up 1.0 %

NASDAQ:ALVO traded up $0.09 during trading hours on Thursday, reaching $9.28. 49,117 shares of the company's stock were exchanged, compared to its average volume of 151,664. Alvotech has a 1-year low of $9.15 and a 1-year high of $14.76. The firm has a market capitalization of $2.80 billion, a price-to-earnings ratio of -5.02 and a beta of -0.16. The company has a 50-day moving average of $11.74 and a 200 day moving average of $12.14.

Remove Ads

Alvotech (NASDAQ:ALVO - Get Free Report) last announced its earnings results on Wednesday, March 26th. The company reported ($0.24) earnings per share for the quarter, topping the consensus estimate of ($0.74) by $0.50. The business had revenue of $153.34 million for the quarter, compared to analyst estimates of $97.99 million. Research analysts forecast that Alvotech will post -0.07 EPS for the current fiscal year.

Analysts Set New Price Targets

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

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.