Shares of Alvotech (NASDAQ:ALVO - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $10.28, but opened at $10.90. Alvotech shares last traded at $10.97, with a volume of 44,391 shares traded.
Analyst Upgrades and Downgrades
Separately, UBS Group initiated coverage on shares of Alvotech in a research note on Friday, February 14th. They set a "buy" rating and a $18.00 target price for the company.
Read Our Latest Analysis on Alvotech
Alvotech Stock Performance
The firm has a 50 day simple moving average of $9.23 and a two-hundred day simple moving average of $11.19. The stock has a market cap of $3.36 billion, a P/E ratio of -6.02 and a beta of -0.02.
Alvotech (NASDAQ:ALVO - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of ($0.17) by $0.52. As a group, equities research analysts predict that Alvotech will post -0.07 EPS for the current year.
Institutional Trading of Alvotech
A number of hedge funds have recently modified their holdings of ALVO. BNP Paribas Financial Markets acquired a new stake in shares of Alvotech during the 4th quarter worth about $66,000. GF Fund Management CO. LTD. acquired a new stake in shares of Alvotech during the fourth quarter worth approximately $74,000. Wolverine Asset Management LLC increased its holdings in shares of Alvotech by 24.7% during the first quarter. Wolverine Asset Management LLC now owns 9,286 shares of the company's stock worth $90,000 after buying an additional 1,838 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Alvotech in the fourth quarter valued at approximately $113,000. Finally, Invesco Ltd. acquired a new position in shares of Alvotech in the 4th quarter worth approximately $148,000.
About Alvotech
(
Get Free Report)
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.
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