Millennium Management LLC Sells 107,172 Shares of Alvotech (NASDAQ:ALVO)

Millennium Management LLC reduced its position in shares of Alvotech (NASDAQ:ALVO - Free Report) by 84.7% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 19,303 shares of the company's stock after selling 107,172 shares during the quarter. Millennium Management LLC's holdings in Alvotech were worth $255,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of ALVO. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Alvotech during the 4th quarter worth about $113,000. Wolverine Asset Management LLC raised its holdings in shares of Alvotech by 27.5% during the fourth quarter. Wolverine Asset Management LLC now owns 7,448 shares of the company's stock worth $99,000 after acquiring an additional 1,607 shares in the last quarter. Royce & Associates LP lifted its holdings in shares of Alvotech by 21.4% during the 4th quarter. Royce & Associates LP now owns 159,000 shares of the company's stock valued at $2,104,000 after buying an additional 28,000 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Alvotech by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 3,196,923 shares of the company's stock valued at $40,905,000 after buying an additional 23,799 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in Alvotech by 1,158.5% in the fourth 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 last quarter.

Wall Street Analysts Forecast Growth

Separately, UBS Group assumed coverage on shares of Alvotech in a research note on Friday, February 14th. They issued a "buy" rating and a $18.00 price objective for the company.

Alvotech Price Performance

NASDAQ:ALVO traded down $0.27 during midday trading on Thursday, reaching $9.84. The stock had a trading volume of 169,077 shares, compared to its average volume of 143,247. The stock has a market capitalization of $2.97 billion, a P/E ratio of -5.32 and a beta of 0.19. Alvotech has a 1-year low of $7.35 and a 1-year high of $14.32. The firm's fifty day simple moving average is $9.39 and its 200-day simple moving average is $11.11.

Alvotech (NASDAQ:ALVO - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.17) by $0.52. On average, equities research analysts anticipate that Alvotech will post -0.07 earnings per share for the current fiscal 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.