PointState Capital LP Sells 67,040 Shares of Alvotech $ALVO

Key Points

• PointState Capital LP reduced its stake in Alvotech by 5.4%, decreasing its ownership to approximately 1,174,339 shares valued at about $11.36 million.
• Analyst ratings for Alvotech saw a downgrade from "strong-buy" to "hold" by Zacks Research, while UBS Group lowered its price target from $16.00 to $14.00 with a "buy" rating."
• In its latest quarterly earnings report, Alvotech reported $0.14 earnings per share, beating estimates, but fell short of revenue expectations with $116.02 million compared to the projected $120.51 million.

PointState Capital LP decreased its holdings in shares of Alvotech (NASDAQ:ALVO - Free Report) by 5.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,174,339 shares of the company's stock after selling 67,040 shares during the quarter. PointState Capital LP owned approximately 0.39% of Alvotech worth $11,356,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ALVO. Vanguard Group Inc. lifted its stake in shares of Alvotech by 31.1% during the 1st quarter. Vanguard Group Inc. now owns 4,192,461 shares of the company's stock worth $40,306,000 after buying an additional 995,538 shares during the last quarter. Vident Advisory LLC bought a new stake in shares of Alvotech during the fourth quarter worth approximately $268,000. Barclays PLC bought a new position in shares of Alvotech during the fourth quarter worth approximately $210,000. ProShare Advisors LLC bought a new stake in Alvotech in the 4th quarter valued at $167,000. Finally, Invesco Ltd. grew its holdings in Alvotech by 110.6% in the 1st quarter. Invesco Ltd. now owns 23,604 shares of the company's stock valued at $228,000 after buying an additional 12,394 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on ALVO shares. UBS Group decreased their price target on shares of Alvotech from $16.00 to $14.00 and set a "buy" rating on the stock in a research note on Friday, July 18th. Zacks Research downgraded shares of Alvotech from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 18th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $14.00.

Alvotech Stock Performance

Shares of NASDAQ ALVO traded down $0.08 during trading hours on Wednesday, hitting $8.03. 206,332 shares of the stock were exchanged, compared to its average volume of 239,405. The company's fifty day simple moving average is $8.63 and its two-hundred day simple moving average is $9.43. The company has a market cap of $2.42 billion, a PE ratio of 34.91 and a beta of 0.10. Alvotech has a 1-year low of $7.35 and a 1-year high of $13.70.

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

Alvotech 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.