Alvotech (NASDAQ:ALVO) Trading Down 3.3% - Should You Sell?

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

Alvotech Trading Down 3.9%

The stock has a market capitalization of $2.82 billion, a price-to-earnings ratio of -5.06 and a beta of 0.19. The company's 50-day simple moving average is $9.45 and its 200-day simple moving average is $11.07.

Alvotech (NASDAQ:ALVO - Get Free Report) last announced 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. On average, equities research analysts expect that Alvotech will post -0.07 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Alvotech

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Wolverine Asset Management LLC lifted its position in shares of Alvotech by 27.5% in the 4th quarter. Wolverine Asset Management LLC now owns 7,448 shares of the company's stock worth $99,000 after purchasing an additional 1,607 shares during the period. Royce & Associates LP grew its stake in shares of Alvotech by 21.4% in the 4th quarter. Royce & Associates LP now owns 159,000 shares of the company's stock worth $2,104,000 after acquiring an additional 28,000 shares in the last quarter. Vanguard Group Inc. boosted its stake in 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 acquiring an additional 23,799 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Alvotech by 1,158.5% in the 4th quarter. JPMorgan Chase & Co. now owns 21,508 shares of the company's stock worth $285,000 after buying an additional 19,799 shares during the period. Finally, Geode Capital Management LLC grew its stake in Alvotech by 4.0% in the 4th quarter. Geode Capital Management LLC now owns 217,587 shares of the company's stock valued at $2,879,000 after buying an additional 8,330 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.

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