Alvotech (NASDAQ:ALVO) Sees Unusually-High Trading Volume - Here's What Happened

Key Points

• Alvotech's trading volume increased by 92% on Monday, with 449,302 shares traded, showing significant investor interest.
• Analysts have given Alvotech a moderate buy rating with an average price target lowered to $14.00, down from a previous high of $16.00.
• Despite beating EPS expectations by $0.40, Alvotech reported a revenue shortfall for the quarter, generating $116.02 million against an estimate of $120.51 million.

Alvotech (NASDAQ:ALVO - Get Free Report) saw unusually-strong trading volume on Monday . Approximately 449,302 shares traded hands during mid-day trading, an increase of 92% from the previous session's volume of 233,550 shares.The stock last traded at $8.45 and had previously closed at $8.45.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on ALVO shares. UBS Group lowered their target price on shares of Alvotech from $16.00 to $14.00 and set a "buy" rating on the stock in a research note on Friday, July 18th. Zacks Research cut shares of Alvotech from a "strong-buy" rating to a "hold" rating in a report on Monday, August 18th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $14.00.

Alvotech Trading Up 0.2%

The firm has a market cap of $2.43 billion, a P/E ratio of 35.09 and a beta of 0.11. The company's 50 day simple moving average is $8.79 and its 200-day simple moving average is $9.66.

Alvotech (NASDAQ:ALVO - Get Free Report) last released its quarterly earnings results on Wednesday, August 13th. The company reported $0.14 EPS for the quarter, beating the consensus estimate of ($0.26) by $0.40. Alvotech had a net margin of 11.26% and a negative return on equity of 38.36%. The firm had revenue of $116.02 million during the quarter, compared to analyst estimates of $120.51 million. On average, sell-side analysts anticipate that Alvotech will post -0.07 earnings per share for the current year.

Institutional Investors Weigh In On Alvotech

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its stake in Alvotech by 0.7% during the 2nd quarter. Geode Capital Management LLC now owns 230,291 shares of the company's stock worth $2,100,000 after acquiring an additional 1,574 shares during the period. Wolverine Asset Management LLC raised its stake in Alvotech by 24.7% during the 1st quarter. Wolverine Asset Management LLC now owns 9,286 shares of the company's stock worth $90,000 after acquiring an additional 1,838 shares during the period. Bank of America Corp DE raised its stake in Alvotech by 19.7% during the 4th quarter. Bank of America Corp DE now owns 16,240 shares of the company's stock worth $215,000 after acquiring an additional 2,677 shares during the period. China Universal Asset Management Co. Ltd. raised its stake in Alvotech by 6.9% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 60,472 shares of the company's stock worth $585,000 after acquiring an additional 3,896 shares during the period. Finally, BNP Paribas Financial Markets bought a new stake in Alvotech during the 4th quarter worth approximately $66,000.

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.