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

Oaktree Capital Management LP lessened its holdings in Alvotech (NASDAQ:ALVO) by 23.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,925,705 shares of the company’s stock after selling 606,322 shares during the period. Oaktree Capital Management LP’s holdings in Alvotech were worth $25,477,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in ALVO. Wolverine Asset Management LLC grew its holdings in Alvotech by 27.5% during the 4th 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 in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in Alvotech in the fourth quarter valued at about $113,000. JPMorgan Chase & Co. grew its position in shares of Alvotech by 1,158.5% in the 4th quarter. JPMorgan Chase & Co. now owns 21,508 shares of the company’s stock worth $285,000 after acquiring an additional 19,799 shares in the last quarter. Tempus Wealth Planning LLC bought a new stake in shares of Alvotech in the 4th quarter valued at approximately $310,000. Finally, China Universal Asset Management Co. Ltd. acquired a new stake in shares of Alvotech during the 4th quarter valued at approximately $748,000.

Alvotech Trading Down 7.8 %

NASDAQ:ALVO opened at $9.55 on Friday. The stock has a 50 day moving average of $11.97 and a 200-day moving average of $12.16. The firm has a market capitalization of $2.88 billion, a PE ratio of -5.16 and a beta of -0.16. Alvotech has a 52 week low of $9.15 and a 52 week high of $14.76.

Alvotech (NASDAQ:ALVO) last issued 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 company had revenue of $153.34 million during the quarter, compared to analyst estimates of $97.99 million. As a group, analysts predict that Alvotech will post -0.07 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

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 for the company.

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.