Sculptor Capital LP Sells 565,359 Shares of Alvotech $ALVO

Key Points

• Sculptor Capital LP significantly reduced its stake in Alvotech by 93.3%, selling 565,359 shares during the first quarter and holding only 40,811 shares worth $395,000 at the end of the quarter.
• Alvotech's recent quarterly earnings report showed an earnings per share (EPS) of $0.14, surpassing the consensus estimate of ($0.26), but its revenue of $116.02 million was below the expected $120.51 million.
• While Alvotech has been rated with a "Moderate Buy" by analysts, Zacks Research recently downgraded its rating from "strong-buy" to "hold", and UBS Group decreased its target price from $16.00 to $14.00.

Sculptor Capital LP reduced its stake in shares of Alvotech (NASDAQ:ALVO - Free Report) by 93.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 40,811 shares of the company's stock after selling 565,359 shares during the quarter. Sculptor Capital LP's holdings in Alvotech were worth $395,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of Alvotech by 31.1% during the first quarter. Vanguard Group Inc. now owns 4,192,461 shares of the company's stock worth $40,306,000 after purchasing an additional 995,538 shares during the period. Bank of America Corp DE boosted its holdings 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 during the period. ProShare Advisors LLC acquired a new stake in shares of Alvotech during the fourth quarter worth approximately $167,000. PointState Capital LP boosted its holdings in shares of Alvotech by 64.1% during the fourth quarter. PointState Capital LP now owns 1,241,379 shares of the company's stock worth $16,423,000 after purchasing an additional 484,826 shares during the period. Finally, BNP Paribas Financial Markets acquired a new stake in shares of Alvotech during the fourth quarter worth approximately $66,000.

Wall Street Analyst Weigh In

ALVO has been the subject of several research reports. UBS Group decreased their price target on shares of Alvotech from $16.00 to $14.00 and set a "buy" rating for the company in a report on Friday, July 18th. Zacks Research cut shares of Alvotech from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 18th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $14.00.

Alvotech Stock Performance

Shares of Alvotech stock remained flat at $7.95 on Wednesday. 259,464 shares of the stock were exchanged, compared to its average volume of 238,059. The business has a fifty day moving average price of $8.74 and a 200-day moving average price of $9.57. Alvotech has a twelve month low of $7.35 and a twelve month high of $13.70. The company has a market capitalization of $2.40 billion, a PE ratio of 34.57 and a beta of 0.10.

Alvotech (NASDAQ:ALVO - Get Free Report) last announced its earnings results on Wednesday, August 13th. The company reported $0.14 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.26) by $0.40. Alvotech had a net margin of 11.26% and a negative return on equity of 38.36%. The business had revenue of $116.02 million for the quarter, compared to analyst estimates of $120.51 million. On average, sell-side analysts forecast that Alvotech will post -0.07 earnings per share for the current year.

About Alvotech

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.