Shares of Alvotech (NASDAQ:ALVO - Get Free Report) dropped 6.9% during trading on Wednesday . The company traded as low as $7.56 and last traded at $7.50. Approximately 29,240 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 136,991 shares. The stock had previously closed at $8.06.
Wall Street Analysts Forecast Growth
Separately, UBS Group initiated coverage on shares of Alvotech in a report on Friday, February 14th. They set a "buy" rating and a $18.00 price target for the company.
Check Out Our Latest Research Report on ALVO
Alvotech Stock Down 3.0 %
The firm has a market capitalization of $2.57 billion, a price-to-earnings ratio of -4.61 and a beta of -0.05. The company has a 50-day moving average price of $10.99 and a 200-day moving average price of $11.97.
Alvotech (NASDAQ:ALVO - Get Free Report) last announced its earnings results on Wednesday, March 26th. The company reported ($0.24) earnings per share for the quarter, beating the consensus estimate of ($0.74) by $0.50. The business had revenue of $153.34 million for the quarter, compared to the consensus estimate of $97.99 million. As a group, analysts forecast that Alvotech will post -0.07 earnings per share for the current year.
Hedge Funds Weigh In On Alvotech
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. BNP Paribas Financial Markets bought a new stake in shares of Alvotech during the 4th quarter worth about $66,000. GF Fund Management CO. LTD. bought a new stake in Alvotech during the fourth quarter worth approximately $74,000. Wolverine Asset Management LLC lifted its position in Alvotech by 27.5% in the fourth 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. Mirae Asset Global Investments Co. Ltd. bought a new position in Alvotech during the 4th quarter valued at $113,000. Finally, Invesco Ltd. bought a new position in Alvotech during the 4th quarter valued at $148,000.
Alvotech Company Profile
(
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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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