Alvotech (NASDAQ:ALVO) Trading Down 7.6% – Here’s Why

Alvotech (NASDAQ:ALVO)’s share price fell 7.6% during trading on Thursday . The company traded as low as $10.50 and last traded at $10.68. 88,736 shares traded hands during mid-day trading, a decline of 35% from the average session volume of 136,431 shares. The stock had previously closed at $11.55.

Wall Street Analysts Forecast Growth

Separately, UBS Group began coverage on Alvotech in a research report on Friday, February 14th. They set a “buy” rating and a $18.00 price target for the company.

Alvotech Price Performance

The firm has a market capitalization of $3.27 billion, a P/E ratio of -5.86 and a beta of -0.16. The firm’s 50 day moving average is $12.11 and its two-hundred day moving average is $12.18.

Alvotech (NASDAQ:ALVO) last released its quarterly 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 firm had revenue of $153.34 million for the quarter, compared to analyst estimates of $97.99 million. Analysts anticipate that Alvotech will post -0.07 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ALVO. BNP Paribas Financial Markets acquired a new position in Alvotech in the 4th quarter valued at approximately $66,000. GF Fund Management CO. LTD. bought a new stake in shares of Alvotech in the 4th quarter valued at about $74,000. Wolverine Asset Management LLC increased its stake in shares of Alvotech by 27.5% in the fourth quarter. Wolverine Asset Management LLC now owns 7,448 shares of the company’s stock valued at $99,000 after buying an additional 1,607 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Alvotech in the fourth quarter worth approximately $113,000. Finally, Invesco Ltd. bought a new stake in Alvotech in the fourth quarter valued at approximately $148,000.

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.