Royce & Associates LP Raises Stock Holdings in Alvotech (NASDAQ:ALVO)

Royce & Associates LP grew its position in Alvotech (NASDAQ:ALVO - Free Report) by 21.4% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 159,000 shares of the company's stock after buying an additional 28,000 shares during the period. Royce & Associates LP owned approximately 0.05% of Alvotech worth $2,104,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ALVO. Wolverine Asset Management LLC raised its holdings in shares of Alvotech by 27.5% during the fourth quarter. Wolverine Asset Management LLC now owns 7,448 shares of the company's stock valued at $99,000 after purchasing an additional 1,607 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Alvotech in the 4th quarter worth approximately $113,000. Tempus Wealth Planning LLC purchased a new position in Alvotech during the fourth quarter valued at approximately $310,000. China Universal Asset Management Co. Ltd. bought a new position in shares of Alvotech in the fourth quarter worth approximately $748,000. Finally, Geode Capital Management LLC increased its stake 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 worth $2,490,000 after purchasing an additional 21,022 shares in the last quarter.

Wall Street Analyst Weigh In

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

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Alvotech Price Performance

Shares of ALVO stock traded up $0.10 during mid-day trading on Tuesday, hitting $11.66. The company had a trading volume of 63,042 shares, compared to its average volume of 137,126. The company has a market capitalization of $3.52 billion, a P/E ratio of -6.30 and a beta of -0.16. The stock's 50 day moving average price is $12.17 and its 200-day moving average price is $12.18. Alvotech has a 52-week low of $9.15 and a 52-week high of $14.76.

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.