Alvotech (NASDAQ:ALVO) Sees Strong Trading Volume - What's Next?

Key Points

• Alvotech (NASDAQ:ALVO) experienced a significant increase in trading volume, with around 379,923 shares traded, marking an 83% rise from the previous session.
• UBS Group has lowered its price target for Alvotech from $16.00 to $14.00 while maintaining a "buy" rating on the stock.
• The company's market capitalization stands at $2.42 billion, and it offers a range of biosimilar medicines targeting various health conditions, including inflammatory diseases and cancer.

Shares of Alvotech (NASDAQ:ALVO - Get Free Report) saw unusually-high trading volume on Thursday . Approximately 379,923 shares were traded during mid-day trading, an increase of 83% from the previous session's volume of 207,330 shares.The stock last traded at $8.09 and had previously closed at $8.96.

Wall Street Analysts Forecast Growth

Separately, UBS Group lowered their price objective on shares of Alvotech from $16.00 to $14.00 and set a "buy" rating on the stock in a research report on Friday, July 18th.

Alvotech Stock Down 10.2%

The firm has a market cap of $2.42 billion, a P/E ratio of 21.77 and a beta of 0.11. The firm's 50-day simple moving average is $9.14 and its 200 day simple moving average is $10.02.

Institutional Trading of Alvotech

Several hedge funds have recently added to or reduced their stakes in ALVO. BNP Paribas Financial Markets bought a new stake in Alvotech in the fourth quarter worth about $66,000. GF Fund Management CO. LTD. bought a new stake in shares of Alvotech in the fourth quarter valued at approximately $74,000. Wolverine Asset Management LLC raised its position in shares of Alvotech by 24.7% in the first quarter. Wolverine Asset Management LLC now owns 9,286 shares of the company's stock valued at $90,000 after purchasing an additional 1,838 shares during the period. Invesco Ltd. bought a new stake in shares of Alvotech in the fourth quarter valued at approximately $148,000. Finally, ProShare Advisors LLC bought a new stake in shares of Alvotech in the fourth quarter valued at approximately $167,000.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.