Alvotech (NASDAQ:ALVO) Shares Down 2.3% - Here's What Happened

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

Alvotech Stock Down 2.4%

The firm has a market capitalization of $2.57 billion, a PE ratio of 14.69 and a beta of 0.11. The stock has a 50-day moving average price of $9.76 and a 200 day moving average price of $10.70.

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

Institutional Trading of Alvotech

Several large investors have recently made changes to their positions in the company. Wolverine Asset Management LLC increased its position 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 purchasing an additional 1,838 shares in the last quarter. Bank of America Corp DE increased its position 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 worth $215,000 after purchasing an additional 2,677 shares in the last quarter. China Universal Asset Management Co. Ltd. increased its position 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. BNP Paribas Financial Markets purchased a new stake in shares of Alvotech during the fourth quarter worth approximately $66,000. Finally, Vident Advisory LLC increased its position in shares of Alvotech by 24.7% during the first quarter. Vident Advisory LLC now owns 25,281 shares of the company's stock worth $244,000 after purchasing an additional 5,009 shares in the last quarter.

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.