Alvotech (NASDAQ:ALVO) Trading Down 3.5% - Should You Sell?

Shares of Alvotech (NASDAQ:ALVO - Get Free Report) traded down 3.5% during trading on Wednesday . The stock traded as low as $9.36 and last traded at $9.31. 3,370 shares changed hands during trading, a decline of 98% from the average session volume of 138,094 shares. The stock had previously closed at $9.64.

Wall Street Analyst Weigh In

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

Alvotech Trading Down 2.5 %

The company has a 50-day moving average of $11.58 and a 200-day moving average of $12.11. The company has a market capitalization of $2.50 billion, a price-to-earnings ratio of -4.49 and a beta of -0.05.

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. BNP Paribas Financial Markets purchased a new stake in Alvotech in the fourth quarter valued at $66,000. GF Fund Management CO. LTD. purchased a new position in shares of Alvotech in the fourth quarter worth about $74,000. Wolverine Asset Management LLC boosted its position in Alvotech by 27.5% during the fourth 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. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Alvotech in the fourth quarter valued at approximately $113,000. Finally, Invesco Ltd. purchased a new position in Alvotech during the fourth quarter worth approximately $148,000.

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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.