Alvotech (NASDAQ:ALVO) Stock Price Down 2.3% - Should You Sell?

Alvotech (NASDAQ:ALVO - Get Free Report) shares fell 2.3% during trading on Tuesday . The company traded as low as $8.81 and last traded at $8.81. 157,380 shares changed hands during mid-day trading, an increase of 8% from the average session volume of 145,139 shares. The stock had previously closed at $9.02.

Alvotech Price Performance

The company has a fifty day moving average price of $9.74 and a two-hundred day moving average price of $10.75. The firm has a market cap of $2.63 billion, a price-to-earnings ratio of 23.59 and a beta of 0.11.

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

Institutional Trading of Alvotech

Several large investors have recently added to or reduced their stakes in ALVO. Bank of America Corp DE grew its holdings in shares of Alvotech by 19.7% during the fourth quarter. Bank of America Corp DE now owns 16,240 shares of the company's stock valued at $215,000 after buying an additional 2,677 shares in the last quarter. Royce & Associates LP grew its stake in Alvotech by 21.4% during the 4th quarter. Royce & Associates LP now owns 159,000 shares of the company's stock valued at $2,104,000 after acquiring an additional 28,000 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Alvotech by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 3,196,923 shares of the company's stock valued at $40,905,000 after purchasing an additional 23,799 shares during the period. ProShare Advisors LLC purchased a new stake in shares of Alvotech in the fourth quarter worth approximately $167,000. Finally, Geode Capital Management LLC lifted its position in shares of Alvotech by 4.0% in 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.

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.