Alvotech (NASDAQ:ALVO) Shares Gap Down – What’s Next?

Alvotech (NASDAQ:ALVO)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $12.38, but opened at $12.05. Alvotech shares last traded at $12.35, with a volume of 5,105 shares changing hands.

Alvotech Price Performance

The firm has a market cap of $3.75 billion, a PE ratio of -6.72 and a beta of -0.19. The stock has a 50-day moving average price of $12.51 and a 200 day moving average price of $12.13.

Institutional Investors Weigh In On Alvotech

Institutional investors have recently added to or reduced their stakes in the company. Wolverine Asset Management LLC purchased a new stake in Alvotech during the third quarter valued at about $70,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Alvotech during the fourth quarter valued at about $113,000. Tempus Wealth Planning LLC purchased a new stake in Alvotech during the fourth quarter valued at about $310,000. China Universal Asset Management Co. Ltd. purchased a new stake in Alvotech during the fourth quarter valued at about $748,000. Finally, Royce & Associates LP grew its position 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.

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.