Alvotech (NASDAQ:ALVO) Hits New 1-Year Low - Should You Sell?

Key Points

• 52-week low: Alvotech hit a new 52-week low of $3.42 (last $3.59) and was down about 5.3% on the session, with a 50-day MA of $4.57, 200-day MA of $5.92 and a market cap near $1.09 billion.
• Analyst stance: The consensus rating is "Reduce" with an average price target of $8.60; analyst calls are mixed (2 Buy, 1 Hold, 3 Sell) and several firms have recently downgraded the stock (e.g., Barclays, Zacks, Wall Street Zen).
• Institutional activity: Several large investors have increased stakes—Vanguard, Legal & General, Goldman Sachs and others added shares, while Millennium Management notably increased its position by 1,707.7% in the latest quarter.

Alvotech (NASDAQ:ALVO - Get Free Report)'s share price reached a new 52-week low during trading on Thursday . The stock traded as low as $3.42 and last traded at $3.59, with a volume of 402802 shares. The stock had previously closed at $3.80.

Analyst Ratings Changes

ALVO has been the topic of a number of analyst reports. Barclays assumed coverage on shares of Alvotech in a research report on Monday, December 8th. They issued an "underweight" rating and a $5.00 price objective on the stock. Zacks Research cut shares of Alvotech from a "hold" rating to a "strong sell" rating in a research note on Wednesday, February 18th. Morgan Stanley set a $10.00 target price on shares of Alvotech in a report on Wednesday, December 3rd. Weiss Ratings reiterated a "sell (e+)" rating on shares of Alvotech in a research note on Wednesday, January 21st. Finally, Wall Street Zen cut shares of Alvotech from a "hold" rating to a "sell" rating in a report on Saturday, November 22nd. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and an average price target of $8.60.

Alvotech Stock Down 5.3%

The stock has a fifty day moving average of $4.57 and a two-hundred day moving average of $5.92. The stock has a market cap of $1.09 billion, a price-to-earnings ratio of 15.57 and a beta of 0.16.

Hedge Funds Weigh In On Alvotech

A number of institutional investors and hedge funds have recently made changes to their positions in ALVO. Vanguard Group Inc. increased its holdings in shares of Alvotech by 2.7% in the 3rd quarter. Vanguard Group Inc. now owns 4,348,151 shares of the company's stock valued at $35,481,000 after purchasing an additional 114,255 shares in the last quarter. Legal & General Group Plc boosted its holdings in Alvotech by 17.0% during the second quarter. Legal & General Group Plc now owns 657,742 shares of the company's stock worth $6,028,000 after buying an additional 95,331 shares in the last quarter. Millennium Management LLC grew its position in Alvotech by 1,707.7% during the fourth quarter. Millennium Management LLC now owns 357,176 shares of the company's stock worth $1,832,000 after buying an additional 337,417 shares during the period. Goldman Sachs Group Inc. increased its holdings in Alvotech by 88.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 259,536 shares of the company's stock valued at $1,331,000 after buying an additional 122,089 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in Alvotech by 10.7% in the fourth quarter. Geode Capital Management LLC now owns 254,921 shares of the company's stock valued at $1,308,000 after buying an additional 24,667 shares in the last quarter.

Alvotech Company Profile

Alvotech NASDAQ: ALVO is a global biopharmaceutical company specializing in the development, manufacturing and commercialization of biosimilar medicines. The company focuses on creating high‐quality, cost‐effective alternatives to established biologic therapies in areas such as immunology, oncology and other specialty care fields. By leveraging in‐house research and a vertically integrated manufacturing platform, Alvotech aims to bring approved biosimilars to market more rapidly and with greater cost efficiency than many traditional biosimilar developers.

Since its founding in 2013, Alvotech has built a diversified pipeline of monoclonal antibody biosimilars, targeting blockbuster reference products including adalimumab (originally branded Humira), bevacizumab (Avastin) and ustekinumab (Stelara).

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