B. Riley Wealth Advisors Inc. Sells 39,605 Shares of Alvotech (NASDAQ:ALVO)

B. Riley Wealth Advisors Inc. trimmed its position in shares of Alvotech (NASDAQ:ALVO - Free Report) by 79.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 10,395 shares of the company's stock after selling 39,605 shares during the quarter. B. Riley Wealth Advisors Inc.'s holdings in Alvotech were worth $138,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the business. GF Fund Management CO. LTD. purchased a new position in Alvotech during the fourth quarter worth about $74,000. Vident Advisory LLC purchased a new position in Alvotech during the fourth quarter worth about $268,000. PointState Capital LP increased its stake in 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 acquiring an additional 484,826 shares during the last quarter. ProShare Advisors LLC acquired a new stake in Alvotech during the fourth quarter worth about $167,000. Finally, Bank of America Corp DE increased its stake in 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 acquiring an additional 2,677 shares during the last quarter.

Alvotech Stock Down 3.0%

ALVO stock traded down $0.32 during trading on Thursday, reaching $10.51. 109,125 shares of the company's stock were exchanged, compared to its average volume of 141,317. Alvotech has a 1-year low of $7.35 and a 1-year high of $14.65. The company's fifty day moving average price is $9.27 and its 200-day moving average price is $11.17. The firm has a market cap of $3.17 billion, a PE ratio of -5.64 and a beta of 0.19.

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 analysts' consensus estimates of ($0.17) by $0.52. As a group, sell-side analysts expect that Alvotech will post -0.07 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, UBS Group began coverage on Alvotech in a research note on Friday, February 14th. They set a "buy" rating and a $18.00 price target for the company.

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.