Alvotech (NASDAQ:ALVO) Trading Down 3.3% - Here's Why

Shares of Alvotech (NASDAQ:ALVO - Get Free Report) traded down 3.3% during trading on Monday . The stock traded as low as $9.43 and last traded at $9.42. 38,386 shares were traded during mid-day trading, a decline of 73% from the average session volume of 143,339 shares. The stock had previously closed at $9.74.

Alvotech Stock Down 2.3%

The firm has a market cap of $2.72 billion, a P/E ratio of 24.35 and a beta of 0.19. The firm's 50-day simple moving average is $9.49 and its 200 day simple moving average is $11.02.

Alvotech (NASDAQ:ALVO - Get Free Report) last announced its quarterly earnings data 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 net margin of 16.42% and a negative return on equity of 36.37%. As a group, analysts forecast that Alvotech will post -0.07 earnings per share for the current year.

Institutional Trading of Alvotech

Several hedge funds and other institutional investors have recently modified their holdings of ALVO. Wolverine Asset Management LLC raised its position in shares of Alvotech by 27.5% in the fourth quarter. Wolverine Asset Management LLC now owns 7,448 shares of the company's stock valued at $99,000 after purchasing an additional 1,607 shares during the period. Royce & Associates LP raised its position in shares of Alvotech by 21.4% in the fourth quarter. Royce & Associates LP now owns 159,000 shares of the company's stock valued at $2,104,000 after purchasing an additional 28,000 shares during the period. Vanguard Group Inc. raised its position in shares of Alvotech by 0.8% in the fourth 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. JPMorgan Chase & Co. raised its position in shares of Alvotech by 1,158.5% in the fourth quarter. JPMorgan Chase & Co. now owns 21,508 shares of the company's stock valued at $285,000 after purchasing an additional 19,799 shares during the period. Finally, Geode Capital Management LLC raised 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 valued at $2,879,000 after purchasing an additional 8,330 shares during the period.

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.