Alvotech (NASDAQ:ALVO) Shares Gap Up - Should You Buy?

Alvotech (NASDAQ:ALVO - Get Free Report)'s share price gapped up prior to trading 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 changing hands.

Analysts Set New Price Targets

Separately, UBS Group started coverage on Alvotech in a research report on Friday, February 14th. They set a "buy" rating and a $18.00 price target on the stock.

Alvotech Stock Up 3.9%

The company has a 50-day moving average price of $9.23 and a two-hundred day moving average price of $11.18. The stock has a market capitalization of $3.49 billion, a P/E ratio of -6.26 and a beta of -0.02.

Alvotech (NASDAQ:ALVO - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of ($0.17) by $0.52. On average, sell-side analysts expect 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. Vanguard Group Inc. grew its holdings in shares of Alvotech by 31.1% during the first quarter. Vanguard Group Inc. now owns 4,192,461 shares of the company's stock worth $40,306,000 after purchasing an additional 995,538 shares in the last quarter. PointState Capital LP grew its holdings in shares of Alvotech by 64.1% during the fourth quarter. PointState Capital LP now owns 1,241,379 shares of the company's stock worth $16,423,000 after purchasing an additional 484,826 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Alvotech by 4.0% during the fourth quarter. Geode Capital Management LLC now owns 217,587 shares of the company's stock worth $2,879,000 after purchasing an additional 8,330 shares in the last quarter. Royce & Associates LP grew its holdings in shares of Alvotech by 7.6% during the first quarter. Royce & Associates LP now owns 171,043 shares of the company's stock worth $1,654,000 after purchasing an additional 12,043 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. grew its holdings in shares of Alvotech by 6.9% during the first quarter. China Universal Asset Management Co. Ltd. now owns 60,472 shares of the company's stock worth $585,000 after purchasing an additional 3,896 shares in the last quarter.

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.