Alvotech (NASDAQ:ALVO) Sees Strong Trading Volume - Still a Buy?

Shares of Alvotech (NASDAQ:ALVO - Get Free Report) saw unusually-strong trading volume on Tuesday . Approximately 197,269 shares changed hands during trading, an increase of 33% from the previous session's volume of 147,825 shares.The stock last traded at $8.86 and had previously closed at $8.90.

Analysts Set New Price Targets

Separately, UBS Group dropped their price target on Alvotech from $16.00 to $14.00 and set a "buy" rating on the stock in a research note on Friday.

Alvotech Trading Down 1.1%

The business has a fifty day simple moving average of $9.77 and a 200 day simple moving average of $10.59. The stock has a market capitalization of $2.60 billion, a P/E ratio of 23.32 and a beta of 0.11.

Alvotech (NASDAQ:ALVO - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.17) by $0.52. Alvotech had a negative return on equity of 36.37% and a net margin of 16.42%. As a group, research analysts forecast that Alvotech will post -0.07 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Royce & Associates LP lifted its holdings in shares of Alvotech by 21.4% in the 4th quarter. Royce & Associates LP now owns 159,000 shares of the company's stock worth $2,104,000 after acquiring an additional 28,000 shares during the last quarter. Vanguard Group Inc. lifted its stake in Alvotech by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 3,196,923 shares of the company's stock worth $40,905,000 after purchasing an additional 23,799 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Alvotech by 1,158.5% during the fourth quarter. JPMorgan Chase & Co. now owns 21,508 shares of the company's stock valued at $285,000 after buying an additional 19,799 shares during the period. Geode Capital Management LLC boosted its position in Alvotech by 4.0% during the fourth quarter. Geode Capital Management LLC now owns 217,587 shares of the company's stock valued at $2,879,000 after buying an additional 8,330 shares during the period. Finally, ADAR1 Capital Management LLC bought a new position in shares of Alvotech during the fourth quarter valued at about $273,000.

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.