Shares of Alvotech (NASDAQ:ALVO - Get Free Report) fell 4.8% on Wednesday . The company traded as low as $10.57 and last traded at $10.90. Approximately 154,662 shares were traded during trading, an increase of 11% from the average daily volume of 139,940 shares. The stock had previously closed at $11.45.
Analysts Set New Price Targets
Separately, UBS Group initiated coverage on Alvotech in a research note on Friday, February 14th. They set a "buy" rating and a $18.00 price objective for the company.
Check Out Our Latest Stock Analysis on Alvotech
Alvotech Trading Up 1.5%
The stock's 50 day moving average is $9.28 and its 200-day moving average is $11.16. The company has a market cap of $3.21 billion, a P/E ratio of -5.76 and a beta of 0.19.
Alvotech (NASDAQ:ALVO - Get Free Report) last issued its 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. As a group, sell-side analysts forecast that Alvotech will post -0.07 EPS for the current year.
Hedge Funds Weigh In On Alvotech
A number of hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets bought a new stake in shares of Alvotech in the 4th quarter worth $66,000. GF Fund Management CO. LTD. bought a new position in shares of Alvotech during the fourth quarter valued at $74,000. Wolverine Asset Management LLC boosted 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 valued at $90,000 after buying an additional 1,838 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in Alvotech in the 4th quarter worth about $113,000. Finally, Invesco Ltd. bought a new stake in Alvotech in the 4th quarter worth about $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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