Alvotech (NASDAQ:ALVO) Shares Down 6.7% - What's Next?

Key Points

• Alvotech shares dropped 6.7% to $3.78, with trading volume roughly 47% below the stock’s average daily volume.
• Analyst sentiment is mixed: Evercore initiated coverage with an “outperform” rating, while Wall Street Zen and Weiss Ratings issued “sell” assessments. The consensus rating remains “Hold,” with a price target of $7.60.
• Several institutional investors increased or initiated positions in Alvotech, including Bank of America, which boosted its stake by 218%, while the company continues developing biosimilar medicines targeting major biologic therapies.

Alvotech (NASDAQ:ALVO - Get Free Report) shares fell 6.7% on Monday . The stock traded as low as $3.77 and last traded at $3.78. Approximately 336,143 shares changed hands during mid-day trading, a decline of 47% from the average daily volume of 636,458 shares. The stock had previously closed at $4.05.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ALVO. Wall Street Zen downgraded shares of Alvotech from a "hold" rating to a "sell" rating in a report on Saturday, May 23rd. Weiss Ratings cut shares of Alvotech from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Tuesday, June 9th. Finally, Evercore started coverage on shares of Alvotech in a report on Friday. They set an "outperform" rating for the company. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $7.60.

Alvotech Stock Performance

The stock has a market cap of $1.15 billion, a price-to-earnings ratio of -15.28 and a beta of 0.18. The firm's 50-day simple moving average is $3.67 and its two-hundred day simple moving average is $3.78.

Institutional Trading of Alvotech

Several hedge funds have recently modified their holdings of the stock. Magnetar Financial LLC acquired a new stake in shares of Alvotech in the third quarter valued at approximately $86,000. Orion Porfolio Solutions LLC acquired a new position in Alvotech during the 3rd quarter worth $92,000. ProShare Advisors LLC boosted its position in Alvotech by 24.0% in the 4th quarter. ProShare Advisors LLC now owns 13,826 shares of the company's stock valued at $71,000 after buying an additional 2,675 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in Alvotech by 25.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,211 shares of the company's stock valued at $78,000 after buying an additional 3,110 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in shares of Alvotech by 218.0% in the 2nd quarter. Bank of America Corp DE now owns 16,623 shares of the company's stock valued at $152,000 after buying an additional 11,395 shares during the period.

About Alvotech

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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